Teaneck, New Jersey-based Cognizant reported a net profit of $34.7m for the 12 months ended December 31, up 56% on 2001, on revenue that increased 29% to $229.1m. During the fourth quarter, net profit rose 97% to $9.14m on revenue that grew 54% to $67m, and up 9% on a sequential basis. At the end of the period, the company also improved its cash position 49% to $134.9m.
Cognizant is experiencing its strongest growth in the financial services sector, where it made 43% of its total revenue in the fourth quarter, up from 35% in the previous three months, which it claimed was due to existing clients increasing their investment in offshore development work. Of the company’s revenue in the fourth quarter, 85% came from repeat business.
Source: Computerwire
