Cognizant Q1 profit rises 23 per cent

Cognizant Q1 profit rises 23 per cent

Cognizant Q1  profit rises        23 per cent

IT services major Cognizant on Wednesday posted a 22.8 per cent jump in net profit to $348.9 million in the January-March quarter, driven by strong momentum in the European region and broad-based growth across businesses.

The New Jersey-headquartered firm had registered a profit of $284.2 million in the first quarter of 2013. Revenue in the first quarter of 2014 climbed 19.9 per cent to $2.42 billion, Cognizant said in a statement.

"Our broad set of capabilities and our compelling value proposition enable Cognizant to help clients simultaneously run better and run different, by not only driving efficiency in their operations, but also helping them to re-imagine and re-design their business models," Cognizant Chief Executive Officer Francisco D'Souza said.

The company expects revenue to increase to between $2.5 billion and $2.53 billion in the second quarter, compared with $2.16 billion a year earlier. For 2014, revenue is forecast to be at least $10.3 billion, up 16.5 per cent from 2013.

"We remain confident in the overall demand environment and in our ability to deliver our previously stated revenue guidance of at least $10.3 billion for 2014," Cognizant President Gordon Coburn said.

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