Operating income increases to $151.67m
Cognizant Technology Solutions, a provider of IT, consulting, and business process outsourcing services, has reported that its revenue for the second quarter of 2009 rose to $776.6m, up 13% from $685.4m in the same quarter of 2008.
For the quarter, the company reported operating income of $151.67m compared to $119.68m in the same quarter of the prior year. The operating margin for the quarter was 19.5% compared to 17.5% in the same quarter of 2008.
The company’s net income was $141.3m, or $0.47 per diluted share in the second quarter of 2009, compared to $103.9m, or $0.35 per diluted share, in the second quarter of 2008.
The company has expanded its services, specifically in engineering and industrial automation, and deepened its presence in emerging geographies such as Asia Pacific and the Middle East.
Francisco D’Souza, president and CEO of Cognizant, said: “Based on the strength of our second quarter results, we’re increasing our 2009 revenue growth guidance from at least 10% to at least 11.5%. We are convinced that technology will play an integral role in the global economic recovery, and Cognizant is well positioned to capitalise on the unfolding cyclical and secular opportunities.”