IT services giant Cognizant Technology Solutions this afternoon reported Q4 revenue that was in line with Wall Street’s expectations, and a profit that was higher than expected, and an outlook that was in line with exepectations.
The report sent Cognizant shares down slightly in late trading.
CEO Brian Humphries said he was “proud of Cognizant’s broad-based progress over the past year,” adding, “We successfully executed our strategy by meaningfully enhancing our digital portfolio, strengthening our international presence, and helping our clients be successful.
“We enter 2022 with momentum and confidence that our talented employees position us to capture the substantial market opportunity.”
Revenue in the three months ended in December rose 14%, year over year, to $4.78 billion, yielding a net profit of $1.10 a share.
Analysts had been modeling $4.78 billion and $1.04 per share.
The company’s revenue from its most-advanced projects, known as “digital,” rose by 20%, it said. That was a speed-up from the full-year rate of growth of digital of 19%.
The company continues to see employees depart at a high rate, citing voluntary attrition on an annualized basis of 31%.
For the current quarter, the company sees revenue of $4.8 billion to $4.84 billion versus consensus for $4.83 billion.
For the full year, the company sees revenue in a range of $20 billion to $20.5 billion, and EPS of $4.46 to $4.60. That compares to consensus of $20.16 billion and a $4.53 profit per share.
