Cognizant’s First Quarter Profit Declines 6.6%
Cognizant today said its net profit for the quarter-ended March 2018 declined 6.6 percent to $520 million from $557 million, or 92 cents per share, a year ago.
The Nasdaq-listed company’s revenue increased 10.3 percent on a yearly basis to $3.91 billion during the quarter, driven by strong growth across verticals like healthcare and communications, media and technology, Cognizant said in a statement. This is within its top line guidance of $3.88-3.92 billion for the March quarter.
We achieved solid financial results in the first quarter and progressed our shift to digital services and solutions. Cognizant has built the capabilities and scale to help clients digitise their offerings, create personalised customer experiences, instrument their operations, and modernise their IT infrastructure.Francisco D’Souza, CEO, Cognizant
D’Souza said the digital-at-scale value proposition had positioned the company “well to deliver a strong 2018”.
For the June quarter, the company expects its revenue to be in the range of $4-4.04 billion. For 2018, the top line is forecast to be in the range of $16.05-16.3 billion.
At the end of the March 2018 quarter, Cognizant had 2,61,400 employees.