Cognizant Quarterly Revenue Jumps, Adds More Employees

By Ed Silverstein November 03, 2011

In addition, Cognizant Technology Solutions Corp. GAAP net income was $227.1 million, also an increase when compared to the $203.7 million in the third quarter of 2010.

In a press release, Cognizant also reported that its “net headcount addition” for the third quarter was over 12,000, which included some 4,000 employees from the purchase of CoreLogic India.

In July, Cognizant announced a $50 million deal to acquire CoreLogic Global Services Private Limited (CoreLogic India), according to TechZone360.

"Cognizant has delivered another strong quarter of industry leading revenue growth with non-GAAP operating margins within our target range. Growth during the quarter was again broad-based across our portfolio of industries, services and geographies," Francisco D'Souza, president and CEO, said in the company statement. "In spite of persistent macro-economic uncertainties, clients throughout the world continue to invest thoughtfully and strategically in their businesses and are directing investments toward building agility to drive the dual mandates of operational efficiency and business transformation. Cognizant's continued investments across multiple service horizons help address these dual mandates and drive superior business value regardless of the economic environment."

Looking ahead, the company predicts that fourth quarter 2011 revenue will be at least $1.66 billion, according to the press release.

Also, fiscal 2011 revenue is expected to be at least $6.11 billion, up at least 33 percent when compared to last year, the press release adds.

"We are delighted with the on-going success of our recruitment and retention practices as we strive to remain an employer of choice in our industry. This is reflected in our continued success in attracting the best talent globally, while maintaining some of the lowest attrition numbers in the industry," Gordon Coburn, chief financial officer and chief operating officer, said in the press release. "In addition, we stepped up our share repurchase program by spending over $163 million to repurchase shares during the quarter, reflecting confidence in our ability to generate strong cash flows."

Cognizant says it provides information technology, consulting and business process outsourcing. It has its headquarters in Teaneck, NJ, and over 50 delivery centers.

In addition, the company has some 130,000 employees. also reported that Cognizant Technology “beat profit expectations for the 11th consecutive quarter.”

Growth at Cognizant was “broad-based and was helped by continued growth in IT investment despite economic uncertainty,” added.

Ed Silverstein is a TechZone360 contributor. To read more of his articles, please visit his columnist page.

Edited by Rich Steeves

TechZone360 Contributor

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