Cognizant Q3 profit up 2.8% sequentially; full year guidance revised up
financial services, US-headquartered IT firm Cognizant posted a net profit of $582 million in the third quarter, up 2.8% sequentially and 10.8% on-year.
The Nasdaq-listed technology major saw its third quarter revenue growing by 4% sequentially at $5 billion. On a year-on-year (YoY) basis, the revenue was up 3%. Buoyed by its healthy deal pipelines and strong performance in its top two large verticals — Health Sciences and Financial Services, Cognizant revised its FY24 annual revenue guidance up to 1.4-1.9% in constant currency (this assumes approximately 200 basis points of inorganic contribution), from its earlier guidance of -0.5-1%.
“Investments in AI-driven platforms, like our Neuro suite and Flowsource, are resonating with our clients and supporting our large deals success. In the third quarter, we signed six deals with a total contract value of more than $100 million each, bringing our year-to-date count to nineteen, which is more than we signed in the full-year 2023,” said Ravi Kumar S, chief executive officer of Cognizant.
“In the third quarter, we delivered organic revenue growth both sequentially and year-over-year while also achieving sequential gross margin expansion, driven by better utilization and AI-led productivity, and adjusted EPS (earning per share) growth of more than 7% year-over-year,” said Jatin Dalal, chief financial officer, Cognizant.
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