Cognizant’s Q1 revenue up 42.9%; Q2 guidance higher than Wipro
Cognizant Technology Solutions posted better-than-expected first quarter earnings and forecast strong second quarter revenues of $1.45 billion, which will help the multinational overtake India’s third biggest software exporter Wipro in quarterly revenues later this year.
Nasdaq-listed Cognizant said its January to March revenues grew by 43% from the year ago quarter and by 4.6% sequentially on strong demand from its top market US. Cognizant’s net profit for the quarter ending March were $208.3 million up 37.5% from last year.
The company, which counts JP Morgan and several top healthcare firms as its customers, grew revenues and profit in contrast to the disappointing fourth quarter earnings growth reported by Indian rivals Infosys and Wipro. While Infosys, the country’s second biggest software exporter reported 1.1% sequential revenue growth for March quarter, Wipro provided negative forecast for the April quarter
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