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Cognizant reports third quarter 2008 results

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CIOL Bureau
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CHENNAI, INDIA: Cognizant Technology Solutions Corporation, a provider of IT and business process outsourcing services, today announced its financial results for the quarter ended September 30, 2008.

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It reported a GAAP net income of $112.8 million, or $0.38 per diluted share for the quarter, compared to $96.2 million, or $0.32 per diluted share, in the third quarter of 2007, which includes a pre-tax foreign exchange loss of $14.8 million.

While the quarterly revenue increased to $734.7 million, up 31 per cent from the year-ago quarter, quarterly diluted EPS on a GAAP basis was $0.38, compared to $0.32 in the year-ago quarter.

Quarterly diluted EPS on a non-GAAP basis was $0.40, excluding stock-based compensation and stock-based Indian fringe benefit tax expenses, compared to $0.34, excluding stock-based compensation expense, in the year-ago quarter, said a press release.

“During one of the most volatile and disruptive periods for the global economy in recent memory Cognizant’s overall performance in the third quarter, including our industry-leading revenue growth and excellent operating margin, clearly demonstrates the strength of our business model,” said Francisco D’Souza, President and CEO of Cognizant.

“Through this period of economic uncertainty, we are working with clients across all sectors, including banking and financial services, to help with the twin challenges of simultaneously driving further cost savings while investing to capture new growth opportunities,” he added.

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