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Cognizant quarterly profit tops estimate

Cognizant quarterly profit tops estimate
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First Published: Tue, May 04 2010. 04 26 PM IST
Updated: Tue, May 04 2010. 04 26 PM IST
Bangalore: IT services provider Cognizant Technology Solutions Corp reported a better-than-expected quarterly profit as financial services, its biggest market, continued to lead the recovery, and increased its outlook for the year.
Financial services contributed 43% to revenue in 2009.
First-quarter net income rose to $151.5 million, or 49 cents a share, from $113.1 million, or 38 cents a share, a year earlier. Excluding items, earnings were 53 cents a share.
Revenue rose 29 percent to $959.7 million.
Analysts expected earnings of 48 cents a share, excluding exceptional items, on revenue of $939.1 million, according to Thomson Reuters.
For the year, the company forecast earnings of at least $2.26 a share, excluding items, on revenue of at least $4.1 billion.
In February, the company had forecast earnings of at least $2.19 a share, excluding items, on revenue of at least $3.94 billion.
Analysts are looking for earnings of $2.08 a share, excluding items, on revenue of $4 billion.
Shares of Cognizant closed at $52.02 Monday on Nasdaq.
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First Published: Tue, May 04 2010. 04 26 PM IST