The business process outsourcing specialist reported revenue of $1.795 billion, a 20.9% hike on the prior year's quarter, and just above analysts' forecast of $1.79 billion. Excluding items, Cognizant earned 88 cents a share, up from 72 cents a share in the same period last year. Analysts surveyed by Yahoo! Finance were looking for earnings of 80 cents.
"This market downturn, as with those before, is serving as a catalyst for clients to embrace a broader range of our services," explained Cognizant President Gordon Coburn in a statement released before market open.
The Teaneck, N.J.-based firm also reiterated its full-year revenue guidance of $7.34 billion and raised its fiscal 2012 earnings guidance. Cognizant now expects earnings of $3.64 a share, comparedwith its prior forecast of $3.62 a share.The results pushed Cognizant's shares up 7.16% to $62 before market open. Cognizant was also one of the most active premarket Nasdaq stocks on share volume of 60,085. Sirius XM (SIRI), however, was the most active premarket Nasdaq stock on share volume of 326,415. The satellite radio specialist, which reports its second-quarter results on Tuesday, rose 0.93% to $2.18. Facebook (FB) was another active Nasdaq stock on share volume of 57,915 as shares of the social networker rose 1% to $21.30. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices
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