Latin America, Middle East, Africa represent 3.6% of Cognizant's revenues in Q4

Tuesday, February 8, 2011

Clients in Latin America, the Middle East and Africa accounted for 3.6% of US IT services firm Cognizant's (Nasdaq: CTSH) revenues during the fourth quarter of 2010, company COO Gordon Coburn said in a conference call with investors.

Global revenues totaled US$1.31bn in Q4, up 45.2% from US$903mn in the fourth quarter of 2009.

Meanwhile, the company's net profit was US$206mn in Q4 compared with US$144mn in the year-ago period.

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"We see significant opportunity as we continue to take the offshore model to new geographic markets such as Europe, Asia Pacific, Latin America and the Middle East," company CEO Francisco D'Souza said.

"In aggregate, scale expansion into new geographies and scope expansions into new processes represent the market opportunity that is as large, if not larger, than the traditional application development and maintenance market," D'Souza added.

For full 2010, the company's revenues were US$4.59bn, an increase of 40.1% from US$3.28bn in the previous year.

Cognizant expects revenues for the first quarter of 2011 to be at least US$1.36bn.

Fiscal 2011 revenue is expected to be upward of US$5.79bn, or a rise of at least 26% compared with 2010, the company said.

Cognizant is a provider of information technology, consulting, and business process outsourcing services. The firm has more than 50 delivery centers worldwide and some 104,000 employees.

In Latin America, the company has a delivery center in Argentina's capital, Buenos Aires.