Cognizant Technology Solutions Corp. (NASDAQ: CTSH) reported higher quarterly profit as revenue rose nearly 32 percent due to higher demand for its services, and the company guided full year above analysts' expectations.
Francisco D'Souza, President and CEO said the company's growth during the quarter "was again broad-based across our portfolio of industries, services and geographies."
On a non-GAAP basis, the information technology consultant said earnings were 80 cents per share, up from 69 cents per share in the year-ago quarter. Analysts, on average, polled by Thomson Reuters expected earnings of 71 cents per share.
[Related -Cognizant Technology Solutions Corp (CTSH): How Penetration Rates Are Faring?]
GAAP net income was $227.1 million or $0.73 per share in the third quarter, compared with $203.7 million or $0.66 per in the third quarter of 2010.
Revenue rose 31.6 percent to $1.6 billion, while analysts expected $1.57 billion.
Looking ahead for the fourth quarter, Cognizant expects non-GAAP earnings of 82 cents a share on revenue of at least $1.66 billion. Analysts expect 75 cents per share on revenue of $1.65 billion.
For the full year, the company expects non-GAAP earnings of $3.05 per share. Revenue is projected to be at least $6.11 billion, up 33 percent from 2010 levels. Analysts expect earnings of $2.80 per share, on revenue of $6.08 billion.
CTSH closed Tuesday's regular trading session down 2.5 percent at $70.92. The shares have been trading in the 52-week range of $53.54 to $83.48.