Cognizant Q3 results show steady revenue, robust bookings
NEW JERSEY, UNITED STATES — Multinational Information Technology (IT) services firm Cognizant reported steady revenue growth and record bookings for the third quarter of 2023.
The company’s revenue rose 0.8% year-over-year to $4.9 billion, while bookings jumped 16% to $26.9 billion over the last 12 months.
Commenting on the results, Cognizant CEO Ravi Kumar S said, “We strengthened the company’s fundamentals during the third quarter as reflected in higher customer satisfaction scores, significantly lower voluntary attrition, and continued growth in bookings, despite ongoing economic uncertainty.”
Bookings grew 9% annually in Q3, representing a book-to-bill ratio of approximately 1.4x. Cognizant reported steady financials despite discretionary spending pressure. The company also raised its share repurchase plan by $200 million to $1 billion for 2023.
Looking ahead, Cognizant anticipates fourth-quarter revenues to be between $4.69 billion and $4.82 billion. The year’s total revenue is projected to be between $19.3 and $19.4 billion, with an adjusted operating margin of about 14.7% and an EPS between $4.39 and $4.42.
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