NEW DELHI: Cognizant reported a healthy 24 per cent jump in net profit at $371.9 million for the quarter ended June 30, but the IT services major struck a cautious note as it lowered full year revenue guidance to at least 14 percent from 16.5 percent earlier.

In the April-June quarter of 2013 fiscal, it had posted a net profit of $300.4 million.

The New Jersey-headquartered firm also expanded its stock repurchase programme by $500 million to $2 billion.

Revenue for the second quarter of 2014 rose by 16.5 percent to $2.52 billion from $2.16 billion. The results are on GAAP basis. It follows January-December fiscal.

Commenting on the lowered revenue guidance, Cognizant CEO Francisco D'Souza said: "Due to weakness at certain clients and longer than anticipated sales cycles for certain large integrated deals, we are adopting a more conservative stance for the remainder of the year and revising our 2014 revenue guidance to growth of at least 14 per cent over the prior year."

The firm said that third quarter revenue is expected to be between $2.55-2.58 billion, while fiscal 2014 revenue expected to be up at least 14 percent compared to 2013.

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