| Cognizant posts 10% rise in profit |
MUMBAI Cognizant Technology Solutions reported higher-than-expected quarterly results on increased demand for its outsourcing and consulting services, and the company raised its full-year earnings forecast.
The company has reported a 9.5 per cent increase in profit during the third quarter at $276 million as compared to $252 million the previous quarter. The company’s revenue rose 5.6 per cent to $1.89 billion from $1.79 billion. The company has estimated a 20 per cent growth in revenue for calendar 2012.
Cognizant said it now expects full-year earnings of at least $3.42 per share, up from its previous forecast of at least $3.38 per share. It reaffirmed its revenue forecast of $7.34 billion.
IT services providers such as Cognizant, Accenture, and Tata Consultancy Services and Wipro have benefited from a rise in demand for outsourcing as companies try to cut costs.
However, Accenture had said in September that spending on consulting will remain slow. Net income rose to $276.9 million, or 91 cents per share, in the third quarter from $227.1 million.
Agencies
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