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Cognizant Technology Solutions Management Discusses Q2 2012 Results - Earnings Call Transcript

Turning to the future. Our pipeline remains robust across industries and services. Our approach of reinvesting in the business has given us the deep client relationships and leading-edge service offerings to help clients embrace the changing Future of Work. As a result, we are comfortable with our ability to deliver revenue of at least $1.875 billion for the third quarter and at least $7.34 billion for the year.

It's important to note that we have maintained our guidance for the full year despite the currency headwind which, based on current exchange rates, has resulted in a negative impact of over $20 million for quarters 2 through 4 compared to rates when we last provided guidance in early May. In addition to this strong revenue outlook, we are pleased to increase our full year EPS guidance by $0.02.

Let me now hand it over to Gordon, who will discuss our operating results in our core business. I'll then come back and provide some commentary on our emerging service offerings before handing the call over to Karen to cover our financial metrics. And as always, we'll leave time at the end of the call for questions. Gordon?

Gordon J. Coburn

Thank you, Francisco. We had a solid quarter. Despite the uncertainty and volatility in the markets, clients continue to act under dual mandate of cost savings and operational efficiencies combined with innovation and transformation. Demand patterns within our industries played out as anticipated, and we continue to see opportunities across all areas of our business, including our core IT services, which we call Horizon 1 as well as our Horizon 2 services, which include BPO, infrastructure management, which we refer to as ITIS and consulting. And we are also seeing increased interest around our next generation of offerings, which we refer to as Horizon 3.

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