Cognizant Beats and Raises Guidance

Nice quarter for Cognizant Technology Solutions ($CTSH). The company earned $1.13 per share which was three cents more than expectations. Quarterly revenues rose 21.9% to $2.31 billion, $50 million more than consensus.

Best of all, CTSH raised full-year guidance from $4.32 to $4.37 per share. Full-year revenue is expected to be at least $8.84 billion, which is an increase of 20.3% over last year.

“We delivered yet another quarter of industry-leading growth that was broad-based across our portfolio of industries, services and geographies,” said Francisco D’Souza, Chief Executive Officer. “The sheer velocity of change in the industries we serve is driving the C-suite to challenge the status quo and rethink their business models to be relevant for the future. Our investments across multiple horizons of growth position us well to deliver differentiated value as we partner with clients in this journey.”

“Our performance during the quarter was stronger than anticipated due to a faster ramp up in demand for outsourcing services and strong discretionary spend on consulting and technology services,” said Gordon Coburn, President. “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.”

Posted by on November 5th, 2013 at 7:29 am


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