Cognizant Technology Solutions has reported 82% jump in net income for the fourth quarter at $576 million compared to $316 million in the same quarter of last year. For the full year 2021, the US-based company posted a 53.5% increase in net income at $2,137 million compared to $1,392 million in 2020.
Cognizant, which follows the calendar year, beating street estimates, reported 14.2% increase in its revenue at $4.8 billion for the fourth quarter and for the full year, the revenue was $18.5 billion. In FY 2020, the company had reported $16.7 billion revenue.
"We successfully executed our strategy by meaningfully enhancing our digital portfolio, strengthening our international presence, and helping our clients be successful," said Brian Humphries, Chief Executive Officer, Cognizant. He added, "We enter 2022 with momentum and confidence that our talented employees position us to capture the substantial market opportunity."
Its financial services revenue grew 18.5% Y-o-Y, and both banking and insurance growth improved, driven by demand for digital services. Its healthcare revenue grew 7.9% Y-o-Y, and it was led by life sciences, which was driven by increased demand for digital services.
The company also said that its fourth quarter bookings grew 22% Y-o-Y, which resulted in full-year 2021 bookings of $23.1 billion.
Cognizant expects its first quarter revenue to be $4.80-$4.84 billion and for full-year 2022, it expects revenue to be $20.0-$20.5 billion, or growth of 7.8%-10.8%. The IT major employs over 2 lakh people in India.