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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.