Cognizant posts Q4 profit jumps; sees strong FY11

IT services provider Cognizant Technology Solutions Corp posted a 43% jump in quarterly profit helped by strong demand, and forecast a strong 2011.

Fourth-quarter net profit rose to USD 206.2 million, or 66 cents a share, from USD 144 million, or 47 cents a share a year earlier. Revenue rose 45 percent to USD 1.31 billion.

For 2011, the company forecast adjusted earnings of USD 2.85 a share, on revenue of at least USD 5.79 billion.

Analysts on average were looking for earnings of USD 2.70 a share, on sales of USD 5.74 billion, according to Thomson Reuters I/B/E/S.

Cognizant shares closed at USD 75.42 on Friday on Nasdaq.