Cognizant will soon be No. 3, likely to overtake Wipro by June 2011
Wednesday, 4th May 2011
Cognizant Technology Solutions posted better-than-expected first quarter earnings and forecast strong second quarter revenues of $1.45 billion, which will help the multinational overtake India's third biggest software exporter Wipro in quarterly revenues later this year.
Nasdaq-listed Cognizant said its January to March revenues grew by 43% from the year ago quarter and by 4.6% sequentially on strong demand from its top market US. Cognizant's net profit for the quarter ending March were $208.3 million up 37.5% from last year.
Infosys, the country's second biggest software exporter reported 1.1% sequential revenue growth for March quarter, Wipro provided negative forecast for the April quarter.
Wipro's $1.39-$1.4 billion revenue guidance for the first quarter is less than $1.45 billion Cognizant has forecast to achieve during next quarter.
Publication : Economic Times
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