Cognizant pips Infosys in revenues with Q2 results
With its strong Q2 revenue it has overthrown Infosys as the second largest IT player after TCS (in revenue terms).
Mumbai: Cognizant sees a blow-out in the second quarter of calendar year. With its strong Q2 revenue it has overthrown Infosys as the second largest IT player after TCS (in revenue terms). The Nasdaq-listed company's revenue stood at $1.79 billion versus $1.71 billion, up 4.9 per cent. Its revenue of $1.79 billion is higher than Infosys' $1.75 billion. The street was expecting revenue of $1.78 billion.
Cognizant's net income was at $251.9 million, up 3.4 per cent. Its non GAAP (Generally Accepted Accounting Principles) operating margin came in at 20 per cent.
Its Q2 net headcount stood at 4,700. $358 million shares were repurchased during the quarter. Excluding items, the company earned 88 cents per share.
Meanwhile, the information technology services provider has reaffirmed guidance for calendar year 2012 to be at least $7.34 billion, up 20 per cent.
In Q3, revenue is anticipated to be at least $1.875 billion, up 4.5 per cent.
For the September quarter, Cognizant anticipates its revenues to be at least $1.875 billion, while for the 2012, it maintained its outlook for revenue to be at least $7.34 billion (at least 20 per cent compared to 2011). Meanwhile, Wipro expects its revenues from its IT services business to be in the range of $1.520 billion to $1.550 billion in the July-September 2012 quarter.
Cognizant vs Infosys
Infosys the gap had narrowed down last quarter itself. So, for this quarter in dollar terms Infosys revenue had come in at $1.75 billion. If compared it with Cognizant, it has officially beaten Infosys. This is ofcourse a field day for IT analyst. There is been threat of Cognizant going higher than Infosys since a long time. Infosys has been trying to perform but with the disappointing results this particular quarter Cognizant has easily taken over $43 million of a gap in between for this particular quarter.