Cognizant Boosts Profit View on Financial Services Growth
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Cognizant Technology Solutions Corp., a provider of consulting and outsourcing services, reported third-quarter profit that topped analysts’ estimates and boosted its earnings per share forecast for 2012.
Cognizant, which counts Bank of America Corp. and UBS AG. as customers, is gaining clients seeking to outsource tasks to low-cost nations amid a slower global economy. Financial-services revenue grew 7 percent in the third quarter from the prior period on increased business from the company’s largest banking clients in Europe and the U.S., Gordon Coburn, Cognizant’s president, said in an interview today.