Cognizant profit rises, fueled by demand in financial sector

Cognizant Technology Solutions Corp posted an 11.6% rise in second-quarter profit on Wednesday, as clients in the financial industry spent more on information technology services.

The consulting and outsourcing services provider reported net income of $509 million, or 90 cents per share, in the quarter ended June 30, up from $456 million, or 78 cents per share, a year earlier.