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News >> Technology >>
Cognizant profit jumps 65%
By siliconindia
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Wednesday, 22 October 2003, 19:30 IST
NEW YORK: Cognizant Technology Solutions posted a 65 per cent jump in third-quarter profit on Tuesday thanks to strong demand for its software development and maintenance services, which are mainly based in India.
Cognizant also raised its estimates for the rest of the year and forecast 2004 growth above the industry average of 30 per cent.
But its shares fell $1.62, or 3.7 per cent, to $42.26. Some analysts attributed the decline to profit-taking after a recent run-up to a six-year high.
"The outlook remains positive and the conference call was upbeat," said Ashish Thadhani, an analyst at Brean Murray & Co. "The only reason for the stock being down is perhaps profit-taking."
The company, headquartered in Teaneck, New Jersey, reported net income of $16 million, or 23 cents a share, up from $9.7 million, or 15 cents a share, a year earlier.
Revenue rose 60 per cent to $98.1 million.