Cognizant Technology Solutions reported a profit growth of 16 per cent in its fourth quarter ended December 31, 2012. The IT services company's net income rose to $278.8 million in the fourth quarter as compared to $240.1 million in the fourth quarter of 2011.
Revenue for the fourth quarter of 2012 rose to $1.95 billion, up 17.1 per cent from $1.66 billion in the fourth quarter of 2011.
"We are pleased to once again deliver industry-leading revenue growth in 2012," said Francisco D'Souza, Chief Executive Officer of Cognizant. "As we look to 2013, it is clear that secular industry shifts, new technology architectures, virtual business models and changing demographics are forcing clients to re-examine how they operate. Increasingly, clients are finding incremental levels of performance inadequate and are challenging the status quo to find ways to maintain their market leadership."
For the full year, its revenue increased to $7.35 billion, up 20 per cent from $6.12 billion for 2011. Its net income for 2012 was $1.05 billion, compared to $883.6 million for 2011.
For the first quarter of 2013, Cognizant anticipates revenue to be at least $2.0 billion.