Financial services segment, which accounted for 44.4% of total revenue, declined 2% sequentially in Q1 2009
IT service provider Cognizant Technology Solutions Corp expects revenue from its financial services segment to remain sequentially flat for the rest of 2009 as clients continue to be cautious with their spending.
"We are seeing spending among these banks to be pretty much more prudent and, in some cases, financial institutions budgets are down from 2008," Chief Executive Francisco D'Souza said in an interview.
"So our guidance for 2009 has not built in any sort of sequential increase in financial services revenue for the rest of the year," he said.
Earlier in the day, Cognizant reported quarterly earnings above analysts' expectations, helped by higher revenue, and reiterated its 2009 revenue outlook.
Financial services segment, which accounted for 44.4 percent of total revenue, declined by 2 percent sequentially.
Source: Reuters
0 comments:
Post a Comment