Cognizant Technology Solutions Corporation has shown a rise of 29 per cent in its revenues at $959.72 million in the first three months ended March 31, 2010, against $745.86 million in the year-ago period. The sequential growth was 6.3 per cent. Net income was $151.50 million against $113.13 million. The operating margin for the quarter was 19.1 per cent.
In a release issued here on Tuesday, Francisco D'Souza, President and CEO of Cognizant, has stated that the opportunities for further penetration within its core services market remain significant. Investments during the downturn in new areas, including consulting and emerging markets; new solutions such as enterprise analytics; and new technologies such as cloud and mobile computing, have left the company stronger than ever before.
Looking forward, the company will continue to invest in new business opportunities and areas where it was under-penetrated to ensure that it remained relevant to the clients and have a robust pipeline of growth opportunities to fuel future growth.
The second quarter 2010 revenue is anticipated to be at least $1.015 billion and the second quarter diluted EPS at $0.51. Fiscal 2010 revenue is expected to be at least $4.1 billion, up at least 25 per cent as compared to 2009. Diluted EPS expected at $2.10.
Due to continued volatility in the currency markets, the EPS guidance excludes any future non-operating foreign currency exchange gain or loss.