Cognizant profit tops estimates, raises 2010 outlook

Cognizant profit tops estimates, raises 2010 outlook
Comment E-mail Print Share
First Published: Tue, Aug 03 2010. 04 25 PM IST
Updated: Tue, Aug 03 2010. 04 25 PM IST
Bangalore: Cognizant Technology Solutions Corp reported a quarterly profit that topped market estimates, helped by a surge in discretionary projects, and raised its outlook for the year.
Second-quarter net income rose to $172.2 million, or 56 cents a share, from $141.3 million, or 47 cents a share, a year earlier.
Revenue rose 42% to $1.11 billion.
Analysts expected earnings of 52 cents a share, on revenue of $1.02 billion, according to Thomson Reuters.
For 2010, the company forecast earnings of at least $2.42 a share, excluding items, on revenue of at least $4.46 billion, or up at least 36% from a year ago.
The revenue outlook, a key metric the Wall Street looks for in Cognizant, is up from the company’s earlier forecast of at least 25%.
Shares of Cognizant — whose rivals include India-based Tata Consultancy, Infosys Technologies and Wipro — closed at $55.42 Monday on Nasdaq.
Comment E-mail Print Share
First Published: Tue, Aug 03 2010. 04 25 PM IST