UPDATE 2-Cognizant Q3 revenue surges; sees project delays
* Q3 of EPS $0.38 tops estimates by a cent
* Revenue $734.7 mln vs estimate $722.6 mln
* Sees Q4 revenue below estimates
* Reaffirms '08 outlook
* Shares fall as much as 6 pct (Recasts; adds details from the conference call)
Nov 5 (Reuters) - Information technology service provider Cognizant Technology Solutions Corp (CTSH.O: Quotazione) reported strong third-quarter revenue growth, but warned of project delays as it expects clients to push back their 2009 IT budgets.
"Projects which normally might get started in the fourth quarter in expectation of a first-quarter budget approval are unlikely to kick off during the fourth quarter," Chief Executive Francisco D'Souza said on a conference call.
The company said it expects clients to finalize budgets at the end of the first quarter.
Cognizant, which gets close to half its overall revenue from the financial services sector, however reaffirmed its full-year outlook in spite of the worsening economic conditions. Continua...