Computer Business Review

Europe IT spend boosts Cognizant revenue

by Joe Curtis| 07 May 2014

The outsourcing firm records 35% growth.

Tech outsourcers Cognizant beat profit estimates for the first quarter of the year as its income was boosted by an increase in IT spending across Europe.

The firm saw a record European revenue growth of 35% in January to March 2014 - far exceeding its 22.7% growth in the corresponding quarter last year.

The US-based company took in nearly 20% of its overall revenue from Europe- totalling $470m.

Revenue growth remained static on Cognizant's native shores, staying at around 16% - the same as last year, reaching $1.84bn.

Net income for the outsourcing firm hit $349m for the quarter, up from $284m the year before.

Overall revenue rose to $2.42bn from $2.02bn.

 

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