Cognizant Trims Full-Year Revenue Growth Guidance For The Third Time This Year
U.S.-based IT services company Cognizant has posted 11.8 percent increase in net profit to $444.4 million for the July-September quarter compared to $397.2 million in the same period last year.
The IT services major, which competes with the likes of TCS and Infosys, saw revenues rising by 8.4 percent to $3.45 billion in the said quarter, meeting its forecast of $3.43-3.47 billion topline for the said quarter.
However, the company marginally reduced the upper end of its annual revenue guidance. It now expects its topline for FY16 to be in the range of $13.47-13.53 billion, instead of the earlier forecast of $13.47-13.60 billion. Cognizant has cut its full-year revenue growth forecast for the third straight time this year.
The company follows January-December as the financial year.
We see ongoing client demand for our services across industries and geographies. As the physical and digital worlds converge, we have made it easier for clients to work with us by aligning our organisational structure and capabilities around the broader focus of assisting clients drive digital transformations.Francisco D'Souza, CEO, Cognizant
Cognizant Chief Financial Officer Karen McLoughlin said the third quarter revenue was within its guided range, indicating that the company continues to execute well on its stated strategy.
"Our solid performance was also reflected in another strong quarter of cash flow generation as cash and investments, net of debt increased by $390 million," she said.
The company added around 11,500 employees on net basis during the quarter, taking its total headcount to over 2.5 lakh at the end of the September quarter.
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
