Cognizant Q3 profits up by 49 percent

By siliconindia   |   Tuesday, 02 November 2010, 18:14 IST   |    9 Comments
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Cognizant Q3 profits up by 49 percent
Chennai: Cognizant has announced its Q3 results that ended September 30, 2010, which have once again surpassed the market estimates. The firm posted an increase of 49.1 percent at a net profit of $203.7 million. The revenues of the IT firm grew to $1.22 billion reporting a 43 percent year on year rise. This has led to the company raising its full-year earnings and revenue outlook. The IT solutions provider hopes a revenue of $1.27 billion in the fourth quarter 2010, and for the full year, expects to earn revenue of $4.55 billion, up by 38.8 percent compared to 2009. Francisco D'Souza, President and Chief Executive Officer, Cognizant said, "This is yet another evidence that clients are not just seeking cost efficiencies, but are also stepping up investments in their business platforms and new capabilities to drive growth and innovation." D'Souza also reaffirmed their hiring plans and said the company is planning to add about 6,900 employees during the quarter. This would take the global headcount of the company to 95,600.