Cognizant Technologies Has Reported Strong Quarterly Results
Cognizant Technology Solutions Corporation has reported the revenue for the third quarter of 2010 as $1.217 billion. This is 10% up sequentially and 43% up from the third quarter of 2009.
The net income from GAAP was $203.7 million, or $0.66 per diluted share. In the third quarter of last year, it was $136.6 million, or $0.45 per diluted share.
The diluted EPS on a non-GAAP basis of the firm was $0.69.
The operating margin for GAAP for this quarter was 18.8%.
Francisco D’Souza, who is the President and Chief Executive Officer of Cognizant, said in a statement to the media that, yet another strong quarter for the firm is continuing evidence of the fact that the firm’s clients are not just seeking cost efficiencies, but that they are stepping up investments as well in their business platforms. D’Souza further said that the firm’s clients were also looking out for new capabilities that will drive the growth and innovation of their business.
D’Souza was also reported to have said that the reason for the success of Cognizant was because of the fact the firm is “a credible advisor to our clients”.
Cognizant Technologies is now expectant of its fourth quarter 2010 revenue to be at least $1.27 billion. It expects its fiscal 2010 revenue to be at least $4.55 billion. If this happens, this will be up at least 38.8% from the last year of 2009.
Gordon Coburn, who is the Chief Financial and Operating Officer at Cognizant, said that the firm’s growth was broad-based and that growth was across industries, service lines and geographies.
Coburn also said: “Despite the strengthening of the Indian rupee, we remain confident in our ability to maintain non-GAAP operating margins within our targeted range.”