Cognizant Technology Solutions has reported total revenues of $1.37bn for the first quarter of 2011, an increase of 43% compared to $959.7m for the same quarter in 2010, and a sequential increase of 4.6%.
The company’s operating income for the quarter was $265.4m, which is an increase of 45% compared to $183m for the same period last year.
For the quarter ended 31 March 2011, the company posted net income of $208.3m, or $0.67 per diluted share, compared to $151.5m, or $0.49 per diluted share, for the same period in the previous year.
Cognizant president and CEO Francisco D’Souza said the company is uniquely positioned to help clients both operate and improve existing processes and infrastructure and transform their businesses to adapt to new virtualised business models.
The company anticipates second quarter 2011 revenues to be at least $1.45bn and diluted earnings per share to be $0.65.
For fiscal 2011, it expects revenue to be at least $5.93bn, up at least 29% compared to 2010.
