IT services company Cognizant reported revenue of $4.7 billion (+11.8 percent) in the third quarter of 2021.
Cognizant said its fourth quarter revenue is expected to be $4.75-$4.79 billion, or growth of 13.5-14.5 percent.
Cognizant said full year 2021 revenue is expected to be approximately $18.5 billion, or growth of 11.1 percent, with adjusted operating margin of approximately 15.4 percent.
Performance by Business Segment
Cognizant said financial Services revenue grew 5.1 percent to $1.54 billion, which included the benefit of recently completed acquisitions and revenue growth generated by its digital services in both banking and insurance. Declines related to non-digital services reflected clients’ focus on cost optimization of supporting their legacy systems and operations.
Cognizant said Healthcare revenue grew 10 percent to $1.35 billion. Revenue growth among life sciences clients was driven by increased demand for its services among pharmaceutical companies. Revenue growth among healthcare customers benefited from increased demand for integrated software solutions.
Cognizant said Products and Resources revenue grew 19.4 percent to $1.1 billion, which included the benefit of recently completed acquisitions and revenue growth driven by its clients’ adoption of digital technologies. Cognizant said it experienced improved demand across retail, consumer goods, travel, and hospitality following the negative impact from the pandemic in 2020.
Cognizant said Communications, Media and Technology revenue grew 20 percent to $739 million. Revenue growth included the benefit of recently completed acquisitions and strong demand from technology clients.
