New Jersey: US IT consulting and outsourcing firm Cognizant Technology Solutions Corporation reported record third quarter financial results yesterday.
- Quarterly revenue rose to $1.892 billion, up 5.4% sequentially and 18.2% from the year-ago quarter.
- Net income rose 21% to $276.9 million
- Net headcount addition for the quarter was approximately 5,100
Revenue for the third quarter of 2012 rose to $1.892 billion, up 18.2% from $1.601 billion in the third quarter of 2011.
Net income was $276.9 million, up 21% on $227.1 million in the third quarter of 2011. Operating margin for the quarter was 18.8%.
"Cognizant's strong results reaffirm the acceptance of our value proposition that helps clients address the dual mandate of driving efficiency and effectiveness in their core business while investing in innovation and business transformation for long-term growth," said Francisco D'Souza, Chief Executive Officer.
"Our consulting-led approach, intimate client relationships, deep domain knowledge and robust execution give us the confidence to deliver revenue growth of at least 20% in 2012."
"We are pleased that our growth was broad-based across services and geographies," said Gordon Coburn, President.
"Of particular note this quarter is the performance of our newer service offerings of Consulting, Business Process Outsourcing and IT Infrastructure Services. On a combined basis, these services have been growing materially faster than company average, and this quarter comprised nearly 20% of total revenue. They will continue to be important drivers of our long-term growth as each represents a large addressable market with low penetration of the global delivery model."
2012 Outlook — Fourth Quarter and Full Year
The company provided the following guidance:
- Fourth quarter 2012 revenue anticipated to be at least $1.94 billion.
- Fiscal 2012 revenue expected to be at least $7.34 billion, up at least 20% compared to 2011.