Cognizant raises lower-end of 2017 guidance; headcount drops by over 4,000
In the second-quarter, it reported revenue of $3.67 billion, up 3.5% from the first quarter.
Cognizant employed 256,800 people at the end of June, down from 261,200 at the end of March. It joins rivals Tata Consultancy Services, Infosys and Tech Mahindra in reporting lower headcount numbers. Wipro and HCL Technologies both added jobs in the period.
The Teaneck-New Jersey headquartered IT firm said it expects revenue growth of 9-10% in 2017. It had previously forecast growth of 8-10%. It also forecast growth of between 1.6-3% for the third quarter.
In the second-quarter, it reported revenue of $3.67 billion, up 3.5% from the first quarter. Net income stood at $470 million.
“Cognizant delivered strong second-quarter results, which reflect our continued progress in helping clients achieve the value of digitizing their entire enterprises, or what we call being digital at scale,” CEO Francisco D'Souza said in a statement. “We remain dedicated to accelerating our shift to digital services and solutions as we continue to invest in our core business and execute our margin improvement and capital return programs.”