Cognizant beats expectations

IT services firm Cognizant Technology Solutions reported a better-than-expected 22 per cent rise in quarterly revenue yesterday as businesses, especially financial firms and companies in Europe, outsourced more work and increased spending on consulting. The company, which also raised its full-year forecast for both profit and revenue, said third-quarter sales rose 22 per cent to $2.31bn (£1.44bn). Revenue from Europe increased 37 per cent to $414.7m.