Cognizant revises revenue growth target

Cognizant today said it would revise its 2014 revenue guidance to 14 percent growth over the prior year, while maintaining full year non-GAAP EPS guidance of $2.54.

The revision is revenue target is primarily due to weakness at certain clients and longer than anticipated sales cycles for certain large integrated deals. Cognizant said it is adopting a more conservative stance for the remainder of the year.

Cognizant said its revenue for the second quarter of 2014 rose 16.5 percent to $2.52 billion.

Net income rose 23.8 percent to $371.9 million from $300.4 million.

Francisco D’Souza, chief executive officer of Cognizant, said: “We continue to believe that we have the right strategy and portfolio of services to deliver long-term industry leading growth and also meet the ever changing demands of the market.”

Cognizant said its third quarter 2014 revenue is expected to be between $2.55 billion and $2.58 billion.

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