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August 6, 2013

Cognizant’s revenues leap by 20.4%

Revenue was $2.16bn for the second quarter compared to 1.8bn in the same period last year.

By Amy-Jo Crowley

Cognizant Tecnology Solutions reported a 20.4% rise in revenues, which the company put down to "healthy demand" as orders for its outsourcing products increased.

The New Jersey-based company, which has 50 delivery centres and about 164,300 employees worldwide, said revenue was $2.16bn for the second quarter compared to 1.8bn in the same period a year earlier.

Net income rose to $300.4m from $251.9m.

Congnizant said much of its growth was driven by overseas revenue from financial, healthcare, manufacturing and retail services.

Francisco D’Souza, CEO at Cognizant, said: "This reinvestment strategy continues to enable Cognizant to excel in our core services while simultaneously investing in multiple horizons of growth, thereby continuing to position us well for the future."

Karen McLoughlin, CFO at Cognizant, added: "Continued healthy demand in the second quarter resulted in broad-based growth across our industries, geographies and services, thereby driving significant revenue and EPS outperformance."

The Nasdaq-listed company said it expects full-year revenues of at least $8.74bn.

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