cognizant q4 results: Cognizant Q4 results: revenue dips 1.7%, profit rises to $558 million

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US-based Cognizant Technology Solutions posted a 1.7% year-on-year fall in revenue to $4.76 billion for the fourth quarter ending December, a likely eight-quarter low.

However, its net profit increased by over 7% to $558 million YoY for the October to December quarter from $521 million a year-ago period.

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In constant currency terms, revenue fell 2.4% and sequentially, the revenue fell by 2.9% for the Nasdaq-listed information technology (IT) and professional services firm.
“We delivered Q4 revenue within our guided range and we’ve maintained our commercial momentum. Full-year bookings of $26.3 billion represent an increase of 9% year-over-year, driven by new clients and large deals,” said Ravi Kumar S, chief executive officer of Cognizant.

The company had guided for a decline of 4 to 1.2% for the quarter.

Its bookings in the fourth quarter declined 6% YoY. For the full year, bookings grew 9% year-over-year to $26.3 billion, which represented a book-to-bill of approximately 1.4x.

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The company follows the calendar year.For the full year 2023, the global IT major posted a 0.4% YoY decline in revenue to $19.4 billion. In constant currency terms, it was 0.3% lower.

First quarter revenue is expected to be $4.68 – $4.76 billion, a decline of 2.7% to 1.2%, or a decline of 3.0% to 1.5% in constant currency, it said.

For full year 2024, revenue is expected to be $19.0 – $19.8 billion, a decline of 1.8% to growth of 2.2% as reported, or a decline of 2.0% to growth of 2.0% in constant currency.



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cognizant q4 results: Cognizant Q4 results: revenue dips 1.7%, profit rises to $558 million


US-based Cognizant Technology Solutions posted a 1.7% year-on-year fall in revenue to $4.76 billion for the fourth quarter ending December, a likely eight-quarter low.

However, its net profit increased by over 7% to $558 million YoY for the October to December quarter from $521 million a year-ago period.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
MIT MIT Technology Leadership and Innovation Visit
Indian School of Business ISB Product Management Visit
Indian School of Business ISB Professional Certificate in Product Management Visit

In constant currency terms, revenue fell 2.4% and sequentially, the revenue fell by 2.9% for the Nasdaq-listed information technology (IT) and professional services firm.
“We delivered Q4 revenue within our guided range and we’ve maintained our commercial momentum. Full-year bookings of $26.3 billion represent an increase of 9% year-over-year, driven by new clients and large deals,” said Ravi Kumar S, chief executive officer of Cognizant.

The company had guided for a decline of 4 to 1.2% for the quarter.

Its bookings in the fourth quarter declined 6% YoY. For the full year, bookings grew 9% year-over-year to $26.3 billion, which represented a book-to-bill of approximately 1.4x.

Discover the stories of your interest


The company follows the calendar year.For the full year 2023, the global IT major posted a 0.4% YoY decline in revenue to $19.4 billion. In constant currency terms, it was 0.3% lower.

First quarter revenue is expected to be $4.68 – $4.76 billion, a decline of 2.7% to 1.2%, or a decline of 3.0% to 1.5% in constant currency, it said.

For full year 2024, revenue is expected to be $19.0 – $19.8 billion, a decline of 1.8% to growth of 2.2% as reported, or a decline of 2.0% to growth of 2.0% in constant currency.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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