Cognizant closes Q3 with $4.9 billion revenue


New Delhi: Nasdaq-listed Cognizant Technology Solutions (Cognizant) closed the third quarter with a 2.4 per cent revenue growth. According to Cognizant, the revenue for Q3 went up to about $4.9 billion up from about $4.7 billion in Q3 2021.

The company follows the calendar year as its accounting year. The earnings per share stood at $1.17 ($1.06 Q32021). (Also Read: Twitter takeover BIG update: Elon Musk have to pay THIS much amount to Parag Agrawal)

“Revenue and bookings were below our expectations as company-specific fulfillment challenges were compounded by the impact of an uncertain macroeconomic backdrop,” said Brian Humphries, Chief Executive Officer. (Also Read: Short of funds? LIC is offering personal loans at low-interest rates compared to banks: check EMI calculator, loan terms & more)

“We are confident the steps we are taking will return the company to accelerated growth over the medium to long term,” he added. The total number of employees stood at 3,49,400 after adding 8,100 employees during the quarter under review.

The annualised voluntary attrition stood at 29 per cent, the company said. Cognizant also said it has agreed to acquire the professional services and application management practices of US-based OneSource.

Once the deal is done, Cognizant will add 400 employees to its fold.

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