Revenue in the first quarter increased 16% to $745.9 million, against $643.1 million a year ago
Cognizant Technology Solutions Corporation reported a 16 per cent rise in its revenue at $745.9 million during the first quarter ended March 31, 2009, against $643.1 million in the year-ago period. GAAP net income was higher at $113.1 million or $0.38 per diluted share against $101.9 million or $0.34 per diluted share. Diluted earnings per share on a non-GAAP basis were $0.41, according to a company release.
Earnings for the quarter included $5 million or $0.01 per share of non-operating foreign currency exchange losses primarily resulting from the weakness in the European currencies and Indian rupee.
Guidance
In the second quarter, the company anticipates revenue to be at least $760 million, diluted EPS to be $0.37 on a GAAP basis and $0.42 on a non-GAAP basis, which excludes $0.05 of estimated stock-based compensation and stock-based Indian fringe benefit tax expense. For the whole of 2009, it provides a revenue guidance of $3.1 billion, up at least 10 per cent over 2008. Diluted EPS is expected to be $1.53 on a GAAP basis and at least $1.71 on a non-GAAP basis.
Source: The Hindu
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