Cognizant Q1 net climbs 37.6% on digital growth

Brian Humphries  

IT company Cognizant reported a 37.6% rise in March quarter net income to $505 million, and said it expects revenue to grow 7-9% in the year ending December.

The U.S.-headquartered firm, which has about 2 lakh employees in India, said March quarter revenue grew 4.2% to $4.4 billion.

“We successfully executed our strategy of embracing digital, investing in international expansion and repositioning the Cognizant brand,” CEO Brian Humphries said. Cognizant said it expected June-quarter revenue to grow 10.5-11.5%.

“Our first-quarter performance reflects solid revenue growth in our digital services,” said CFO Jan Siegmund.

“Shifting to a quarterly promotion cycle for billable associates... further salary increases and promotions for high-demand skills and making 28,000-plus offers to new graduates in India, a new record... up from 17,000 hired in 2020,” Mr. Humphries said.

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Printable version | Jun 19, 2021 3:52:50 PM |

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