Teaneck-based Cognizant Technology Solutions Corporation, a leading provider of technology, consulting and business process outsourcing services, announced Wednesday its first quarter 2014 results.
According to the announcement, revenue for the first quarter was $2.42 billion, an increase of 19.9 percent from $2.02 billion in the first quarter of 2013. GAAP net income was $348.9 million, or $0.57 per diluated share, compared to $284.2 million, or $0.47 per share in the first quarter of 2013. Non-GAAP diluted earnings per share was $0.62 compared to $0.51 last year.
"Cognizant continues to be well positioned to help clients as they face the secular shifts impacting their businesses," Francisco D'Souza, CEO, said in a prepared statement. "Our broad set of capabilities and our compelling value proposition enable Cognizant to help clients simultaneously 'run better' and 'run different,' by not only driving efficiency in their current operations, but also helping them to re-imagine and re-design their business models."
"We remain confident in the overall demand environment and in our ability to deliver our previously stated revenue guidance of at least $10.3 billion for 2014, up at least 16.5 percent over 2013," Gordon Coburn, president, said in a prepared statement. "Our strategy of reinvesting in our business to build strength across all of our growth horizons is clearly paying off. As the impact of digital technologies increasingly becomes a CEO level agenda item, Cognizant is well positioned to capitalize on this trend."