Cognizant revenue falls 2% in Dec quarter to 2-year low | India Business News

Feb 7, 2024

CHENNAI/BENGALURU: IT services major Cognizant Technology Solutions rose 0.3% on Wednesday. decline In stablecoin Revenue for full year 2023 stood at $19.4 billion, as weakness in demand continued to plague the IT sector.
Revenue for December quarter Came in at $4.8 billion – a decline of 2.4% in constant currency terms compared to the year-ago period. This is the lowest quarter Income In eight quarters. Cognizant follows calendar year accounting.

The revenue performance in the quarter was worse than that of Infosys, TCS and HCLTech. Infosys had reported a 1% decline in revenue in constant currency terms, TCS had reported a growth of 1.7%, and HCLTech was up over 4%.

Both financial services and healthcare – Cognizant's top verticals – reported revenue declines of 6.6% and 2.7% respectively year-on-year. However, quarterly net income rose to $558 million in the quarter ending December 2023, from $521 million in the year-ago period, as the company's cost optimization program NextGen started showing results. The company, which derives the bulk of its revenue from the North American and European markets, expects the adverse conditions to continue.

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