Cognizant Q3 net profit down 16%
BENGALURU: Nasdaq-listed Cognizant has reported a 16.5% decline in its net profit at $525
million for the third quarter ended September 2023, compared to $629 million in the same quarter last year. The company’s revenue was flat at $4.89 billion as compared to $4.85 billion in the year-ago period.
The company expects its fourth-quarter revenue to be $4.69-$4.82 billion, a decline of 3.1% and full year 2023 revenue is expected to be $19.3-$19.4 billion, a decline of 0.7% to flat. “We strengthened the company’s fundamentals during the third quarter as reflected in higher customer satisfaction scores, significantly lower voluntary attrition, and continued growth in bookings, despite economic uncertainty,” said Ravi Kumar S, CEO.
Its bookings in Q3 grew 9% YoY. Total headcount at the end of Q3 stood at 346,600, a jump of 1,000 from Q2, 2023, and a decrease of 2,800 from Q3, 2022. Voluntary attrition - Tech Services on a trailing-twelve-month basis, declined to 16.2% from 19.9% in Q2 2023 and 29.2% in the third quarter of 2022.