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April 20, 2004

Cognizant profit up 95% in first quarter

Offshore IT services company Cognizant Technology Solutions Corp almost doubled its net profit in the first quarter of 2004, highlighting the increasing maturity of established offshore company's business models.

By CBR Staff Writer

The Teaneck, New Jersey-based company reported net income of $19.7m for the three months ended March 31, up 95% compared to the previous year’s quarter, on revenue that grew 66% to $119.7m.The significant increase in profitability reflects the need for established players such as Cognizant to invest in new offshore facilities and train new staff.

We continue to experience a stable pricing environment as well as strong growth from strategic clients that we have won during the last two years, as these clients further leverage the advantages of offshore. During the quarter we increased our global staff by over 1,200 people to approximately 10,500 to meet current and anticipated demand. In addition, our sales pipeline is at a record level. We are optimistic about the outlook for this year and believe we are well-positioned to deliver strong financial and operating results, said Gordon Coburn, the company’s CFO.

This article is based on material originally published by ComputerWire

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