Cognizant profit rises on higher demand from Europe

REUTERS - IT services company Cognizant Technology Solutions Corp posted a higher quarterly profit on a 23 percent rise in demand from Europe.

While spending on services such as consulting is yet to make a recovery, Cognizant is benefiting from growing outsourcing from European companies as instability in the region forces them to restructure and cut costs.

Net income rose to $284.2 million, or 93 cents per share, in the first quarter, from $243.7 million, or 79 cents per share, a year earlier.

Revenue for the quarter rose 18 percent to $2.02 billion.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Supriya Kurane)