Cognizant profit rises as customers spend on IT, consulting

Cognizant Technology Solutions Corp reported a 15 percent rise in quarterly profit as businesses, especially financial firms, spent more on IT and consulting services.

The company's net income rose to $319.6 million, or $1.05 per share in the third quarter, from $276.9 million, or 91 cents per share, a year earlier.

Revenue rose 22 percent to $2.31 billion.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Saumyadeb Chakrabarty)