IT, consulting, and BPO services provider Cognizant Technology Solutions has reported a 21% increase in net income to $136.6m for the third quarter 2009, compared to $112.8m in the year-ago quarter. Revenue was up 16% at $853.5m. Skip related content
Operating income grew 13% to $161.8m, while diluted EPS was $0.45, compared to $0.38 in the same quarter last year. Cash and short and long-term investments increased by approximately $195m to a total of $1.34bn during the quarter.
During the quarter, the company acquired Pepperweed Advisors, the IT consulting services division of Pepperweed Consulting, to add IT Service Management and IT Asset Management to its IT Infrastructure Services business. It also opened a $37m facility in Coimbatore, India to strengthen its capacity, as well as expanded its Phoenix delivery center to provide BPO services along with the existing application development, application maintenance, testing, and related services.
For the nine-month period, the company reported a 23% increase in net income to $391m compared to $318.6m a year ago, on revenue up 15% at $2.4bn.
Francisco D'Souza, president and chief executive at Cognizant, said: "We experienced strong organic growth across all industry sectors, geographies and service lines this quarter. The sequential revenue increase of $76.9m is the largest in the history of the company. Our constant focus on customer service and reinvesting in our business continues to generate results."
Looking ahead to the fourth quarter it expects revenue of $880m and diluted EPS to be $0.45. For fiscal 2009 it expects revenue of $3.26bn and diluted EPS of $1.75.
