UPDATE 3-Cognizant Q2 profit beats Wall Street; ups '09 outlook
* Q2 adj EPS $0.47 beats St by 10 cents: Reuters Estimates
* Sees Q3 results above Street expectations
* Increases full-year revenue, profit forecasts
* Shares up as much as 10 pct (Adds conference call details, analysts' comments, updates share movement)
By Deepti Govind
BANGALORE, Aug 4 (Reuters) - Cognizant Technology Solutions Corp (CTSH.O: Cotización) wrapped up what has been a strong quarter for IT offshoring firms, with better-than-expected results and a strong outlook as businesses look to its services to cut costs.
Shares of the New Jersey-based company rose as much as 10 percent to a year-high of $33.70 in morning trade on Nasdaq.
Cognizant raised its 2009 outlook, but like its peers Infosys Technologies (INFY.BO: Cotización) and Tata Consultancy Services (TCS.BO: Cotización) remained cautious about a "surge" in demand this year.
"Cognizant is continuing to show that it's by far the industry's leader in terms of growth," Stanford Bernstein & Co analyst Rod Bourgeois said by phone. Continuación...