Cognizant's quarterly revenue rises 20 percent

REUTERS - Technology services provider Cognizant Technology Solutions Corp posted a 20 percent rise in quarterly revenue as its customers in North America and Europe raised their IT spending.

The company's net income rose to $348.9 million, or 57 cents per share, in the first quarter ended March 31 from $284.2 million, or 47 cents per share, a year earlier.

Excluding items, Cognizant earned 62 cents per share.

Revenue rose to $2.42 billion from $2.02 billion.

(Reporting by Soham Chatterjee in Bangalore; Editing by Kirti Pandey)