Cognizant Technology Solutions has reported a rise of 43 per cent in its third quarter revenue at $1.217 billion against $853.5 million in the year-ago period.
The diluted earning per share was $0.66 on a GAPP basis as compared to $0.45 in the year-ago quarter.
“Yet another strong quarter is continuing evidence that clients are not just seeking cost efficiencies, but are also stepping up investments in their business platforms and new capabilities to drive growth and innovation,” said Francisco D'Souza, President and Chief Executive Officer of Cognizant, in a statement. “The success of our long-time reinvestment strategy positions us as a credible advisor to our clients, as we work with them to address the critical issues facing their businesses: the new generation of increasingly globalised and virtualised business models, the new generation of millennials as consumers and employees, and the new generation of transformative technologies such as cloud, social computing and mobility,” Mr. D'Souza added.
The fourth quarter 2010 revenue is anticipated to be at least $1.27 billion and the diluted EPS at $0.64 on a GAAP basis.
Fiscal 2010 revenue expected to be at least $4.55 billion, up at least 38.8 per cent as compared to 2009, the company said in the statement.
Fiscal 2010 diluted EPS expected to be at least $2.35 on a GAAP basis, and at least $2.50 on a non-GAAP basis, which excludes $0.15 of estimated stock-based compensation expense, the statement said.
Due to continued volatility in the currency markets, EPS guidance excluded the impact of any future net non-operating foreign currency exchange gain or loss.
