UPDATE 2-Cognizant Q1 EPS beats Street; backs '09 rev view
* Q1 EPS $0.38 vs est $0.37 * Q1 revenue up 16 pct
* Sees 2009 revenue of at least $3.1 bln
* Shares rise 6 pct (Recasts; adds analyst comments, details, share movement)
By Bijoy Anandoth Koyitty
BANGALORE, May 5 (Reuters) - IT service provider Cognizant Technology Solutions Corp (CTSH.O: Cotización) posted a quarterly profit that beat market estimates by a cent, helped by higher revenue, and forecast strong second-quarter results.
The company also reiterated its 2009 revenue outlook of at least $3.1 billion.
The results and the sequentially higher second-quarter outlook potentially signal a bottom in terms of weakness in revenue for Cognizant, and may be for the offshore sector in general, Jefferies & Co analyst Joseph Vafi said by phone.
Dismal demand trends have forced outsourcing giant Infosys Technologies Ltd (INFY.BO: Cotización) INFY.O to forecast an annual sales drop for the first time in its history, while rival Wipro Ltd (WIPR.BO: Cotización) has forecast a fall in June-quarter revenue.
Vafi said Cognizant's customer mix was working in its favor. Continuación...