Cognizant reports quarterly profit rise of 16 percent

Last Updated: Thu, Feb 07, 2013 11:40 hrs

IT services company Cognizant Technology Solutions Corp reported a higher quarterly profit as revenue from financial services clients jumped 20 percent.

Cognizant's net income rose 16 percent to $278.8 million, or 92 cents per share, in the fourth quarter, from $240.1 million, or 78 cents per share, a year earlier.

Total revenue rose 17 percent to $1.95 billion. Revenue from Cognizant's financial services business, which accounts for more than 40 percent of total revenue, rose to $815.4 million.

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