Cognizant books $19.4Bn revenues in 2022
NEW JERSEY, UNITED STATES — Multinational information technology firm Cognizant booked a total of US$19.4 billion in revenues in 2022, 5 per cent higher compared to the previous year.
Cognizant reported that its fourth quarter revenues for 2022 grew by 1.3 per cent year-on-year (y-o-y) to US$4.8 billion.
“The trust and longevity that define Cognizant’s strategic partnerships with global clients provide exciting opportunities to further strengthen and grow these relationships as we expand our portfolio of digital services,” said Ravi Kumar S, Cognizant’s Chief Executive Officer (CEO).
“As I continue to listen and learn, I have been deeply impressed with the knowledge, skills, and motivation of our associates. They are dedicated to helping our clients succeed and determined to compete and win to expand our global leadership in technology services. My immediate focus is on creating the conditions for our associates to excel and ensuring that all 355,000 of us operate with a growth mindset,” he added.
According to Cognizant, their health sciences revenue grew 4.1 per cent y-o-y, driven by digital services among pharmaceutical and healthcare payer clients.
Products and resources revenue grew 2.9 per cent y-o-y attributed to digital services among logistics, automotive, utilities, consumer goods and travel and hospitality clients.
Communications, Media and Technology revenue also grew 5.4 per cent y-o-y shored up by the strength among digital native companies.
However, financial services revenue declined 4.3 per cent y-o-y.
On workforce size, Cognizant’s total headcount at the end of the fourth quarter was 355,300, an increase of 5,900 from Q3 2022 and an increase of 24,700 from Q4 2021. Voluntary attrition, on a quarterly annualized basis, declined to 19% from 29% in Q3 2022 and 31% in Q4 2021. Voluntary attrition, on a trailing-twelve-month basis, declined to 26% from 28% in Q4 2021.
