Cognizant reports strong Q2 results
By siliconindia   |   Wednesday, 23 July 2003, 19:30 IST
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TEANECK, N.J: Cognizant Technology Solutions Corporation (Nasdaq: CTSH), a provider of IT services, today announced that its revenue for the second quarter increased to $87.4 million, up 17 percent from $74.5 million in the first quarter of 2003, and up 61 percent from $54.4 million in the second quarter of 2002. $2.3 million of revenue during the quarter came from Aces, a specialist in CRM solutions, which was acquired Cognizant. Net income for the second quarter increased to $13.5 million, or $0.20 per diluted share compared to $8.6 million, or $0.14 per diluted share (on a split-adjusted basis) in the second quarter of 2002. Operating margin for the quarter was 19.6%, compared to 19.5% in the first quarter of 2003 and 19.7% in the second quarter of 2002. “We have seen strong demand across all our verticals, with financial services and healthcare performing particularly well. We further stepped up discretionary investment in our sales and marketing organization which will continue to be a key strategic advantage for Cognizant as the industry evolves and grows," said Kumar Mahadeva, Chairman and Chief Executive Officer. "Our record of strong repeat business continues with approximately 83% of our revenue from clients who have been working with us for at least a year," said Gordon Coburn, Chief Financial Officer.

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