Cognizant said its fourth quarter revenue is expected to be $4.72-$4.77 billion, or a decline of 0.2 percent-1.2 percent.
Cognizant, a leading IT services company, said full-year revenue is expected to be approximately $19.3 billion, or growth of 4.5 percent.
Cognizant’s Q3 revenue rose 2.4 percent to $4.9 billion.
“Revenue and bookings were below our expectations as company specific fulfillment challenges were compounded by the impact of an uncertain macroeconomic backdrop,” said Brian Humphries, Chief Executive Officer of Cognizant.
Cognizant’s Financial Services revenue declined 1.5 percent to $1.521 billion. Growth of 1.6 percent in constant currency was driven by digital services among public sector clients in the United Kingdom and insurance clients. Growth was offset by 180 basis points negative impact related to the sale of the Samlink subsidiary.
Cognizant’s Health Sciences revenue grew 3.8 percent to $1.405 billion, driven by digital services among pharmaceutical and healthcare payer clients.
Cognizant’s Products and Resources revenue grew 3.7 percent to $1.148 billion, driven by digital services among logistics, automotive, consumer goods and travel and hospitality clients.
Cognizant’s Communications, Media and Technology revenue grew 6 percent to $783 million, driven by strength among digital native companies.
Cognizant’s Bookings in the quarter declined 2 percent and represented an in-period book-to-bill of approximately 1.0x. This resulted in trailing 12-month bookings of $23.1 billion, which represented a book-to-bill of approximately 1.2x.