Cognizant stick by yearly forecast after quarterly report
Tuesday, August 07, 2012
Cognizant has reported share price growth of 13 percent to $65.48 after quarterly reports, and has stuck to its yearly growth prediction of 20 percent despite pressure facing outsourcing markets.
The expectations of growth go against reports of troubles in India’s outsourcing sector, where Cognizant maintains the majority of its workforce.
Cognizant added six new strategic customers during the quarter including electronics giant Philips. Chief Financial Officer Karen McLoughlin said: “The majority of our growth for the remainder of 2012 will come from the ramp-up of clients that we won over the past months and years, including recent transformational engagements such as ING US, Philips and others”.