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November 6, 2011

Cognizant reports 31.6% growth in Q3 revenue

Expects Q4 revenue to be at least $1.66b

By CBR Staff Writer

Cognizant Technology Solutions, a provider of IT consulting and BPO outsourcing services, has reported total revenue of $1.601b for the third quarter of 2011, an increase of 31.6% compared with $1.217b in the same quarter previous year.

The company posted GAAP net income of $227.1m, or $0.73 per diluted share, compared to $203.7m, or $0.66 per diluted share, in the third quarter of 2010.

The company’s GAAP operating margin was 18.3%, while non-GAAP operating margin was 19.8%.

Cognizant president and CEO Francisco D’Souza said in spite of persistent macro-economic uncertainties, clients throughout the world continue to invest thoughtfully and strategically in their businesses and are directing investments toward building agility to drive the dual mandates of operational efficiency and business transformation.

"Cognizant’s continued investments across multiple service horizons help address these dual mandates and drive superior business value regardless of the economic environment," D’Souza said.

The company expects the fourth quarter revenue to be at least $1.66b, while diluted EPS for the same quarter is expected to be $0.76 on a GAAP basis and $0.82 on a non-GAAP basis.

Cognizant expects fiscal 2011 revenue to be at least $6.11b, up at least 33% compared to 2010.

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