Saturday, February 09, 2008

Cognizant revenue crosses $2 billion

Cognizant Technology Solutions announced that fourth quarter profit rose 39 per cent, even as revenues in 2007 surpassed the $2 billion mark in line with its guidance for the last year.
The computer services provider registered a net profit of $96.3 million for the October-December 2007 period, against $69.5 million in the corresponding period of the previous year, driven by robust operating margins (non-GAAP) growth of 20.3 per cent.
Taking the cue, while the markets were down 62 points, the IT index was up 3.73 per cent.
This is well beyond the 19-20 per cent the company expected in the quarter. However, it excludes a stock-based compensation expense of $9.8 million and a $5.9 million non-cash operating charge resulting from the nine-month impact of the recently-enacted fringe benefit tax. Read More>>