IT solutions company, Cognizant Technology Solutions Corporation has announced a 22 per cent jump in its net profit to end at $172.2 million for the second quarter ending June 30. Last year the profit stood at $141.3 million.

During the same period, the revenues were up by 42 per cent to end at $1.105 billion, a rise of 15 per cent over the previous year.

And because of these green figures, Cognizant has revised its revenue guidelines for 2010. Now, it expects the revenue to jump by 36 per cent to $4.46 billion during the year. In the first quarter it had projected a 25 per cent jump. For the third quarter alone the company has projected a revenue of $1.175 billion.

Happily talking about this, Francisco D'Souza, President and CEO, Cognizant said to media that the spending levels during the second quarter had been strong across every segment by almost all clients. This will boost the investments and will also foster growth.

Financial service in particular will be the center of attraction. He further added that Cognizant has benefited from the initial discretionary spending.