HomeBusinessCognizant experiences 10.9% income development; trails friends - Occasions of India

Cognizant experiences 10.9% income development; trails friends – Occasions of India

CHENNAI: IT main Cognizant beat road estimates on Thursday at the same time as quarterly income remained flat on a sequential foundation.
Cognizant reported income of $4.8 billion for January-March 2022 quarter- a ten.9% year-on-year development in fixed forex phrases. Digital income grew 20% year-over-year.
As compared, income development charges at rivals TCS stood at 14.3% YoY and 21% for Infosys.
Cognizant’s revenue stood at $563 million rising from $505 million in the identical quarter final 12 months, however declining from $576 million within the Oct-Dec 2021 interval.
The corporate marginally narrowed its steerage for the complete 12 months 2022 income. Cognizant now expects full-year 2022 income to develop in 9%- 11% in fixed forex phrases ($19.8-$20.2 billion) in comparison with 8.5%-11.5% in guided to earlier ($20.0-$20.5 billion).
“Due to our proficient workers, we delivered on our first quarter commitments in what’s an intensely aggressive world labor market,” Brian Humphries, Chief Govt Officer, Cognizant, mentioned. “Whereas the financial backdrop is unsure, we stay optimistic in regards to the demand outlook for our options. Our strategic repositioning allows us to have interaction extra deeply with purchasers, serving to them succeed, and helps our development trajectory.”
The corporate’s headcount grew to 340,000+ workers globally with headcount rising year-over-year by 43,900 workers. Cognizant managed to decrease voluntary attrition from 31% within the earlier quarter to 26% in Jan-March, and added roughly 9,800 new workers within the Jan-March quarter. Attrition nonetheless stays elevated in comparison with the identical quarter final 12 months when it was 18%. “Whereas we made sequential progress lowering voluntary attrition for the second consecutive quarter, we anticipate attrition will stay elevated for the complete 12 months and can improve within the second quarter, reflecting seasonality,” Humphries mentioned within the earnings name.
Income from monetary Companies, its key vertical, grew 6% in fixed forex. Healthcare income grew 8.8%. Merchandise and Sources income grew 14.9%. Communications, Media and Know-how income grew 19.9% .
Cognizant Technology Solutions shares fell round 4% in Nasdaq to round $80.92.

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