Cognizant, a leading IT services provider, reported revenue of $4.8 billion (+14.2 percent) in Q4 and $18.5 billion (+11.1 percent) in 2021.
Cognizant added 41,000 employees in 2021. The number of employees of Cognizant stood at 330,600 at the end of 2021.
Cognizant, one of the world’s leading professional services companies, has generated Q4 revenue of $3.5 billion from North America, $0.9 billion from Europe and $0.4 billion from Rest of the World including India and China.
Cognizant generated $1.6 billion from financial services, $1.4 billion from healthcare, $1.1 billion from products and resources and $0.7 billion from communications, media and technology companies during the fourth quarter of 2021.
Outlook
Cognizant is expecting first quarter revenue of $4.80-$4.84 billion with growth of 9-10 percent and full-year 2022 revenue of $20-$20.5 billion with growth of 7.8 percent-10.8 percent.
“We executed our strategy by enhancing our digital portfolio, strengthening our international presence, and helping our clients to be successful,” said Brian Humphries, Chief Executive Officer of Cognizant.
Business details
Cognizant said Financial Services revenue grew 18.5 percent. Both banking and insurance growth improved, driven by demand for digital services. This was partially offset by clients’ focus on cost optimization of supporting their legacy systems and operations.
Cognizant’s Healthcare revenue grew 7.9 percent. Revenue growth was led by life sciences, which was driven by increased demand for digital services. Revenue growth among healthcare clients was driven by its integrated software solutions.
Cognizant Products and Resources revenue grew 17.7 percent, driven by clients’ adoption of digital technologies. Demand among manufacturing, logistics, energy and utility clients remained strong. There was sustained demand throughout 2021 across retail, consumer goods, travel, and hospitality.
Cognizant Communications, Media and Technology revenue grew 12.6 percent – driven by demand from technology clients.
