Cognizant reports 12.7 per cent higher net profit, lowers full-year guidance
IT services firm Cognizant reported a net profit of USD 577 million in their second-quarter results released today. The company registered an increase of 12.7 per cent from USD 512 million a year earlier, for the same quarter. The New Jersey-headquartered firm also showed a 9.5 per cent rise in revenue to USD 4.9 billion. This is the fifth consecutive quarter of growth in revenue for Cognizant and the highest quarterly revenue till date. The company’s attrition rate grew to 31 per cent from 26 per cent, with its total headcount expanding to more than 341,000 employees in the past quarter. The firm also cut its revenue guidance for FY 2022 to between 8.5 per cent and 9.5 per cent in constant currency at $19.7~19.9 billion, from between 9 per cent and 11 percent in the previous quarter. “In a period of unprecedented labour market conditions characterised by elevated attrition and significant wage inflation, we focused on our client commitments and delivered balanced financial results in the second quarter. As we position the company for sustained success we will continue to invest in our talented employees, our clients and our capabilities”, says chief executive, Brian Humphries.
The company’s attrition rate grew to 31 percent from 26 percent, with its total headcount expanding to more than 341,000 employees in the past quarter.
The company’s attrition rate grew from to 31 percent from 26 percent, with its total headcount expanding to more than 341,000 employees in the past quarter.
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Poulomi is a Technology Journalist with Analytics India Magazine. Her fascination with tech and eagerness to dive into new areas led her to the dynamic world of AI and data analytics.