Cognizant emerging as a serious challenger to IBM, Accenture
Added On:11/3/2011 11:21:00 AM
Cognizant Technology Solutions has amazed everyone with its latest result of July-September quarter. If reports are to be believed, Cognizant recorded strong growth and increased profits in last quarter.
With latest result, Cognizant has established itself as an emerging leader for India based rivals to emulate; and mounted a serious challenge to multinational competitors such as IBM and Accenture For the fifth quarter in a row, Cognizant's revenue growth topped 30% and bumped up sales and earnings forecasts for the financial year ending December, 2011. During the quarter ending September revenues were $116 million, which were the highest for Cognizant. Overall, net income was $227.1 million, or $0.73 per share, three cents higher than forecast. In contrast, top exporter TCS has managed to account for $113 million revenues and Wipro, which will be eclipsed by Cognizant as the third-largest exporter at the end of the year, has added $65 million.
It is reportedly said that Cognizant has now increased its forecast for earnings per share to $2.83 from $2.78.
With such strong outcomes, Cognizant’s market share has increased by 300 basis points in the past two years among India's top five IT providers.
Francisco D’Souza, President and CEO, Cognizant has stated in a conference that the strong results and growing market share are a testament to Cognizant's agility.
Tags: Francisco D Souza, Cognizant strong result, emerging challeger to IBM, Accenture
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