Correction: This story has been updated to note the falling rupee.
NEW YORK (TheStreet) -- Outsourcing company Cognizant (CTSH) , which beat estimates on earnings and guidance to rise more than 7% by midday Wednesday, is looking to the cloud and health care to maintain its growth.
CFO Karen McLoughlin told TheStreet that while the company was too small a decade ago to compete in enterprise resource planning projects that are now obsolete, it can now integrate those old systems with cloud resources for Fortune 1000 clients profitably, using Indian engineers.
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While Cognizant is based in Teaneck, N.J., it grew to prominence as an Indian outsourcing company. The majority of its 200,000 employees are in India, but it now has more than 30,000 employees in the U.S. The company succeeded this quarter despite "headwinds since June with a falling rupee," she said.
For the third quarter, Cognizant had earnings of 58 cents per fully diluted share, or $355.6 million, on revenue of $2.58 billion. That compares to earnings of $319.6 million, or 53 cents per share, and revenue of $2.13 billion a year ago. The company moved its fourth-quarter earnings guidance upward, to at least 63 cents per share on revenue of $2.61 billion to $2.64 billion.
The company is currently in the process of acquiring TriZetto, a health care technology company, for $2.7 billion in cash, and integrating its CareAdvance billing suite into its other offerings. During the quarter, Cognizant also signed a seven-year master services agreement with HealthNet (HNT) , a large managed care company.