Cognizant profit rises on higher demand from Europe

Last Updated: Wed, May 08, 2013 10:49 hrs

IT services company Cognizant Technology Solutions Corp posted a higher quarterly profit on a 23 percent rise in demand from Europe.

While spending on services such as consulting is yet to make a recovery, Cognizant is benefiting from growing outsourcing from European companies as instability in the region forces them to restructure and cut costs.

Net income rose to $284.2 million, or 93 cents per share, in the first quarter, from $243.7 million, or 79 cents per share, a year earlier.

Revenue for the quarter rose 18 percent to $2.02 billion.

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