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Cognizant Q1 Earnings Rise; Beats Wall Street View

IT services provider Cognizant Technology Solutions Corp. has reported a higher first quarter earnings of USD 47.2 million, or 32 cents per share, compared with USD 32.0 million, or 22 cents a share, a year-ago. Revenue jumped 57 percent to .5 million. The results beat the average analyst profit forecast of 29 cents on revenue of USD 275.7 million, according to Reuters Estimates.

Announcing the results Lakshmi Narayanan, President and CEO of Cognizant said, "Our first quarter results were driven by escalating demand for our integrated set of services across our entire range of industry verticals. We experienced strong growth in our newer verticals, especially media and telecommunications, and strengthened our leadership positions in financial services, healthcare and life sciences, stemming from our continued investment in building deep relationships with our customers."

For the forthcoming second quarter, the company expects to earn 33 cents a share, including stock-based expense, on revenue of USD 317 million.

For 2006, the company expects to earn USD 1.37, including stock-based expense, on revenue of at least USD 1.3 billion.

Cognizant said it expects the company’s headcount to exceed 35,000 by the end of 2006.


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