Cognizant Technology Solutions Corp (CTSH.O) reported better-than-expected quarterly results as revenue from Europe excluding the UK jumped 54 percent, and the IT services provider raised its forecast for the year. The company now expects 2013 earnings of at least $3.96 per share on revenue growth of at least 19 percent to $8.74 billion. It had previously forecast earnings of at least $3.95 per share on revenue growth of at least 17 percent to $8.60 billion. Cognizant's raised forecast is the latest sign that demand for outsourcing and IT services may be returning after quarters of uncertainty characterized by delayed deal closures, cutbacks on discretionary spending and a lack of large deals. India-based rivals Tata Consultancy Services Ltd (TCS.NS), Infosys Ltd (INFY.NS) (INFY.N) and Wipro Ltd (WIPR.NS) (WIT.N) also reported strong results and better-than-expected outlooks last month.
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