Cognizant Technology Solutions Corporation has said that its revenue for the second quarter ended June 2010 has risen by 42 per cent to $1.105 billion from $776.6 million in the same quarter of 2009. The sequential growth is 15 per cent. Net income is placed at $172.2 million against $141.3 million, a rise of 22 per cent.
“Second quarter results further substantiate the strength of the Cognizant model and the continued importance of investing in deep industry expertise, expanded geographic reach and emerging technologies,” a release quoted Francisco D'Souza, President and CEO of Cognizant, as saying.
The company has given revenue guidance of at least $1.175 billion for the third quarter. “We benefited from a surge in the initiation of discretionary projects over the past several months – in part due to pent-up demand created by the deferment of discretionary spending last year,” the release quoted Gordon Coburn, CFOO, as saying.