Cognizant, a Nasdaq-listed IT services company, has reported a 16.5% decline in its net profit for the third quarter of 2023, with a net profit of $525 million compared to $629 million in the same quarter last year. The company’s revenue remained flat at $4.89 billion, compared to $4.85 billion in the same period in the previous year. Cognizant expects a decline in revenue for the fourth quarter of 2023, with a range of $4.69-$4.82 billion, representing a 3.1% decline. The full-year 2023 revenue is projected to be in the range of $19.3-$19.4 billion, indicating a decline of 0.7% to flat. The company cited strengthening fundamentals, improved customer satisfaction scores, lower attrition, and continued growth in bookings as positive factors during the third quarter.
Cognizant Reports 16.5% Decline in Q3 Net Profit, Expects Revenue Decline in Q4 2023
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