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 - Get Report), 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 - Get Report) 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: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices