Cognizant ups Q3 net by 11.8%, tweaks FY17 revenue guidance
US-based IT services company Cognizant has posted 11.8 per cent increase in net profit to USD 444.4 million for the July-September quarter compared to USD 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 per cent to USD 3.45 billion in the said quarter, meeting its forecast of USD USD 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 FY2016 to be in the range of USD 13.47 billion to USD 13.53 billion, instead of the earlier forecast of USD 13.47-13.60 billion.
“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,” Cognizant CEO Francisco D’Souza said.
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.