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Cognizant announces record third quarter results

Nov 12
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Cognizant announces record third quarter results

Cognizant Technology Solutions, a leading provider of information technology, consulting and business process outsourcing services has announced its results for the third quarter of 2013.

The firm posted a 6.7 per cent rise in quarterly revenue to $2.31 billion (£1.44 billion), a figure that is 21.9 per cent higher than the number recorded for the same period last year.

It means that the IT giant has also managed to increase its guidance for the full year and its earnings per share (EPS).

It expects a fiscal 2013 revenue to increase by at least 20.3 per cent compared to the last year, which would see it stand at  $8.84 billion.

Francisco D'Souza, chief executive officer, said: "We delivered yet another quarter of industry-leading growth that was broad-based across our portfolio of industries, services and geographies.

"Our investments across multiple horizons of growth position us well to deliver differentiated value as we partner with clients in this journey."

President Gordon Coburn added that the company's performance during the quarter was stronger than anticipated due to a faster pace of demand for outsourcing services, as well as strong levels of discretionary spending on consulting and technology services.

"Our continuous reinvestment in our business continues to help us strengthen our capabilities to address our clients' dual mandate of driving greater performance in their current businesses, while positioning them better for future success," he added.

It comes after many of Cognizant's competitors managed to report strong quarterly results during September, which were mainly driven in the United States, where many got around 60 per cent of their revenues.

A host of senior executives have subsequently suggested that these results are evidence of a return to so-called discretionary spending.

Shortly after the financial crisis hit in 2008-09, many large American corporations were forced to trim their technology budgets in order to cope with the unfavourable conditions.  

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