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Cognizant posts strong results

Cognizant posts strong results

Revenue for the fourth quarter of 2010 rose to $1.31 billion, up 45.2 per cent from $902.7 million in the fourth quarter of 2009. GAAP net income was $206.2 million, compared to $144.0 million.

Cognizant Technology Solutions Corporation, a leading provider of information technology, consulting, and business process outsourcing services, on Monday announced its fourth quarter financial results.

Revenue for the fourth quarter of 2010 rose to $1.31 billion, up 45.2 per cent from $902.7 million in the fourth quarter of 2009. GAAP net income was $206.2 million, or $0.66 per diluted share, compared to $144.0 million, or $0.47 per diluted share, in the fourth quarter of 2009.

Diluted earnings per share on a non-GAAP basis was $0.70. GAAP operating margin for the quarter was 18.7 per cent. Excluding stock-based compensation expense of $14.9 million, non-GAAP operating margin was 19.8 per cent, in line with the company's targeted 19-20% range. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.

"We are pleased with how quickly our business rebounded during 2010 - a validation of our strategy of continuing to invest through the downturn," said Francisco D'Souza, President and Chief Executive Officer of Cognizant. "As our clients continue to recover from the recent economic turmoil, it's clear that our industry stands at yet another inflection point."