Cognizant posts 9% increase in revenue, reduces 700 jobs

Cognizant revenue Q3 2017Cognizant said its Q3 revenue rose to $3.77 billion, up 9.1 percent from $3.45 billion in the third quarter of 2016.

Cognizant geneated 37.9 percent revenue from financial services, 28.8 percent revenue from healthcare, 20.6 percent revenue from products and 12.7 percent from telecom, media and technology segment.

Revenue contribution from North America was 76.8 percent while 8 percent came from UK, 8.7 percent from rest of Europe and 6.6 percent from rest of world.

Cognizant has reported net income of $495 million, or $0.84 per diluted share, compared to $444 million, or $0.73 per diluted share, in the third quarter of 2016.

“We are making consistent progress in executing the plan to accelerate our shift to digital services and solutions,” said Francisco D’Souza, chief executive officer of Cognizant.

Number of employees of Cognizant reached 256,100 in September 30, 2017 against 256,800 in June 30, 2017 and 255,800 in September 30, 2016.

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