Cognizant Q3 net up 11%, eyes 9.5-10% rev growth in 2017
Cognizant, which follows January-December as a fiscal, has a majority of its workforce in India.business Updated: Nov 01, 2017 19:21 IST
US-based IT major Cognizant said on Wednesday its net profit has jumped 11.4 per cent to USD 495 million during September 2017 quarter from the year-ago period.
This is against a net profit of USD 444 million in July-September 2016, Cognizant said in a statement.
Cognizant, which follows January-December as a fiscal, has a majority of its workforce in India.
The company’s revenues rose 9.1 per cent to USD 3.77 billion in the third quarter, meeting its guidance range of USD 3.73-3.78 billion for the period.
Cognizant has also revised its revenue growth outlook for the full year to 9.5-10 per cent (USD 14.78-14.84 billion) compared to a previous forecast of 9-10 per cent growth.
For the fourth quarter, it expects revenues to be in the range of USD 3.79-3.85 billion.
“We are making consistent progress in executing the plan to accelerate our shift to digital services and solutions,” Cognizant CEO Francisco D’Souza said.
Cognizant has systematically built the significant capabilities needed to help clients transform their business, operations, and technology models, he added.
“We believe our long-term relationships with clients and deep understanding of their priorities put us in a privileged position to help them adapt, compete, and grow,” he said.