Cognizant beats street, guides 20% rev growth for 2010
Published on Tue, Feb 09, 2010 at 20:50 | Source : CNBC-TV18
Updated at Wed, Feb 10, 2010 at 10:22
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Cognizant beats street, guides 20% rev growth for 2010
Nasdaq listed technology major Cognizant has beaten street estimates with a strong fourth quarter growth performance. Revenues have surged 20% year-on-year (YoY) to USD 902.7 million, while net income rose close to 30% in the same period.
Nasdaq listed technology major Cognizant has beaten street estimates with a strong fourth quarter growth performance. Revenues have surged 20% year-on-year (YoY) to USD 902.7 million, while net income rose close to 30% in the same period.
Cognizant gave a strong outlook for 2010 with revenues expected to rise at least 20% to USD 3.95 billion.
In an interview with CNBC-TV18, President & CEO of Cognizant, Francisco D'souza gave his perspective on the company's Q4 performance.
Here is a verbatim transcript of the interview. Also watch the accompanying video.
Q: We have just heard some of the Indian IT companies here today at NASSCOM saying that they are cautiously optimistic, things seem to be picking up, they have outlined certain sectors which they seem like picking up. What is your take right now on the way the business is growing?
A: We have just reported a strong quarter and given good guidance for 2010. We expect to grow at least 20% YoY in 2010. That is a reflection of the demand environment that we are seeing.
We see that there is increased stability in the markets. We are seeing that compared to a year ago clearly clients have more certainty in their spending plans and that is resulting in translating into additional spend for IT and other offshore related services. So we feel that there certainly is a better demand environment than there was a year ago.
