Cognizant Boosts Full-Year Forecast

Cognizant said it expects to earn at least $2.40 a share, excluding stock-based compensation expenses, in line with estimates. The company also raised its forecast annual revenue of $2.11 billion, slightly above analyst expectations.

The company's board has approved plans to spend an additional $100 million in expanding its facilities in India. Cognizant has recently doubled the size of its Chennai campus, and has increased the plans for its Coimbatore facility to over 725,000 square feet.

Though the company is headquartered in Teaneck, N.J., it has a substantial amount of its workforce in India.

Cognizant shares were recently up 11 cents to $81.09.

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