INSUBCONTINENT EXCLUSIVE:
Technology services provider Cognizant on Thursday posted higher than expected revenue in its fourth quarter ended December 31.
The New
Jersey-headquartered company reported a 3.8% year-onyear growth in revenue at $4.28 billion, compared to $4.23 billion expected by
analysts.
Net profit in the quarter was down 39% at $395 million, compared to $648 million in the year-ago period.
Cognizant has forecast
2-4% growth in constant currency terms for 2020, as it continues its restructuring process
2019, the company had guided for revenue growth of 5.1%, but managed to achieve 5.2% in constant currency terms, at $16.8 billion
interview.
Speaking to analysts in a postearnings call, Humphries said the company would look to enter 2020 with a two-pronged strategy to
appointment of Vinita Bali to its board as a new independent director effective February 24
Bali served as the managing director and chief executive officer of Britannia Industries from 2005 to 2014.
Cognizant has spent $49 million
in severance pay for the employees it has let go and $29 million to retain key employees in the December quarter, as it restructures its
business.
Under Humphries, Cognizant had begun taking a slew of steps to invest and boost growth.