Business Daily from THE HINDU group of publications
Wednesday, May 06, 2009
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Business Daily from THE HINDU group of publications Wednesday, May 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Financial Performance Corporate Results - Software Cognizant Q1 net income rises 11% Our Bureau Chennai, May 5 Cognizant Technology Solutions Corporation, the US-based provider of information technology, consulting and business process outsourcing services with development centres in India, has reported a net income of $113 million in the first quarter ended March 31, 2009 against $102 million in the first quarter of 2008, an 11 per cent increase. First-quarter revenue rose to $746 million, up 16 per cent from the year-ago quarter. For the second quarter 2009, the company expects revenue to be at least $760 million. Fiscal 2009 revenue expected to be at least $3.1 billion, up at least 10 per cent compared with 2008, according to a company press release. “We are pleased with our performance during the first quarter which exceeded our revenue guidance and demonstrated Cognizant’s continued ability to outperform the industry,” said Mr Francisco D’Souza, President and CEO, Cognizant, in the release. Mr D’Souza said “Looking to the full year, we remain confident of achieving our full year guidance of at least 10 per cent revenue growth. We will continue to adhere to our business strategy and strategically manage our way through the current market turmoil to capture new opportunities so that we can emerge from this downturn in an even stronger position than when we entered it.” Mr Gordon Coburn, Chief Financial and Operating Officer, said the company continued to strengthen its balance sheet and ended the first quarter with around $969 million in cash, short-term and long-term investments. It repurchased over $12 million of shares during the first quarter. Cognizant posts 17% rise in Q4 net income Cognizant puts capex spend at $175-200 m More Stories on : Financial Performance | Software
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