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Cognizant revenue up 21%

February 06 2014

Cognizant Technology Solutions Corp. (NASD: CTSH), an information technology, consulting, and business process outsourcing services provider, reported fourth-quarter revenue rose 20.9 percent year over year to $2.36 billion from $1.95 billion in the fourth quarter of last year. Revenue in North America rose 18.3 percent year over year to $1.82 billion.

Shares in Cognizant were up 2.15 percent to $94.85 in early afternoon trading.

“Our growth during 2013 was broad-based across our industries, geographies and service lines,” said President Gordon Coburn. “This strong growth was fueled by our clients’ on-going drive to ‘run better’ for more efficient and productive operations and to ‘run different’ to create the capabilities and business models they need for future success.”

The Teaneck, N.J.-based firm’s fourth-quarter net income rose 16.3 percent year over year to $324.3 million.

Full-year 2013 revenue rose 20.4 percent to $8.84 billion, and full-year net income rose 16.9 percent to $1.23 billion.

Cognizant expects first-quarter revenue to be at least $2.42 billion; it anticipates full-year 2014 revenue of at least $10.3 billion, up at least 16.5 percent compared to 2013. 

Cognizant has a market cap of approximately $28.69 billion, according to Yahoo!


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