Cognizant Q3 revenue up 11% on improved business momentum

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BENGALURU: Cognizant Technology Solutions Corp on Thursday reported 11% year-on-year rise in revenue in constant currency to $4.7 billion for the July-September quarter as business momentum continued to improve.

The company’s digital revenue, which is 44% of the total revenue, grew at 18 % during the 3rd quarter (the company follows a January-December accounting year).

“2021 revenue growth guidance 11.1%, or 9.8% in constant currency, towards the high end of prior guidance” the company said.

Cognizant has attracted record number of new employees in Q3; at a global headcount of 318,400, Cognizant is staffed at highest levels ever. Turbocharged hiring engine brought on 17,000+ net new hires in the quarter. The company has grown headcount 35,000+ people since this time last year.

“While the industry faces an unprecedented competition for talent, we attracted a record number of employees to Cognizant, and stayed focused on delivering against our client commitments and our strategic repositioning,” said Brian Humphries, Chief Executive Officer. “We continue to make important investments to ensure Cognizant is well positioned to serve our clients as they embrace digital business models.”

“During the third quarter, we drove strong bookings growth and maintained our revenue momentum in a robust demand environment. We are pleased with our ongoing investments in recruiting, which enabled us to support accelerating demand by meaningfully scaling our headcount,” said Jan Siegmund, Chief Financial Officer. “We now expect full-year revenue growth of approximately 10% in constant currency, towards the high-end of our prior range.”

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