UPDATE 4-Cognizant results point to offshoring rebound

* Q3 adj EPS $0.48 vs est $0.41

* Q3 rev beats estimates

* Raises outlook for the year

* Q4 outlook beats estimates

* Shares up as much as 9 pct (Adds analyst comments, updates share movement)

By S. John Tilak

BANGALORE, Nov 3 (Reuters) - Cognizant Technology Solutions Corp's (CTSH.O) strong third-quarter results and full-year outlook boost suggest strength at its mainstay financial services business and a recovery in technology offshoring.

Shares of the IT services provider rose as much as 9 percent to $42.40 -- their highest in two years -- after it posted a profit that beat estimates for the third straight quarter and topped heightened revenue expectations from both Wall Street analysts and investors.

The news comes on the heels of an impressive display by its India-based rivals such as Tata Consultancy (TCS.BO), Infosys Technologies (INFY.BO) and Wipro (WIPR.BO).

Cognizant, which also offers business process outsourcing and consulting services, showed strong growth across all industry sectors and geographies.

"It's really a blowout quarter," Sanford C. Bernstein analyst Rod Bourgeois said. "It's literally in every segment of their business they've seen an uptick in demand."

The company was seeing a reinstatement of deals that were put on hold during the downturn, Bourgeois said.

Cognizant had a gross addition of 46 new customers in the third quarter.

The results reveal a rebound at financial services -- the company's biggest segment that contributed 43 percent to its third-quarter revenue -- and healthcare, another key segment.

"Within financial services, many of our key clients are indicating that the worst is over for IT spending reductions and are more positive about the prospects for their 2010 budgets," Chief Financial Officer Gordon Coburn said on a conference call.

The company's large exposure to financial services and North America saw its stock plummet to $14.38 at the peak of the global economic crisis in November 2008.