On Monday, Cognizant Technology Solutions Corp (NASDAQ : CTSH) the IT, consulting and BPO services provider, reported a higher Q1 profit, chiefly aided by a revenue surge in all region and segments.
Cognizant's net income grew from last year's $208.33 million or $0.67 per share to $243.65 million or $0.79 per share, in-line with analysts' expectations from A. On average analysts' expected earnings of $0.79 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenue jumped 24.8 percent from $1.37 billion in the previous year to $1.71 billion last year. It was in-line with analysts' consensus estimate.
Going forward, to the second quarter of 2012, the company expects earnings per share to be $0.80, with revenue anticipated to be at least $1.79 billion. Analysts project earnings of $0.83 per share on $1.84 billion revenue for the quarter. The company also announced an additional $400 million share buyback program.
Resource link: Cognizant(CTSH) Q1 Profit Rises On Higher Revenues