CHENNAI: US-headquartered Cognizant Technology Solutions Corporation (CTS) on Wednesday reported 9.1% 12 months on 12 months (yoy) growth in revenues for the quarter ended September 2017. Its earnings stood at $3.77 billion, up 2.7% from the former quarter.
The company's earnings stood at $495 million, up 11% from closing 12 months's $444 million and up five.3% from earlier quarter's $470 million.
At a time when rival Infosys lowered its outlook to 5.five%-6.five% for the full 12 months, CTS raised the decrease end of its annual guidance for the second time this 12 months from $14.70 billion to $14.84 billion (9% to 10% earnings growth) to $ 14.78 billion to $14.84 billion (9.4% - 10% growth).
"We are making consistent progress in executing the plan to accelerate our shift to digital services and solutions," said Francisco D'Souza, CEO, CTS.
"We've systematically built the significant capabilities needed to help our clients transform their business, operating, and technology models ̶ a transformation we call digital at scale. We believe our long-term relationships with clients and deep understanding of their priorities puts us in a privileged position to help them adapt, compete, and grow," he said
"We delivered solid third-quarter performance and completed a $1.5 billion Accelerated Share Repurchase program," said Karen McLoughlin, CFO, CTS.
"During the quarter, we continued to take actions designed to improve our cost structure while allowing us to invest in the business for growth. We maintained our momentum, and we expect to close out 2017 with solid revenue and earnings growth while having undertaken a substantial return of capital to shareholders," she said.
After recording a drastic fall in headcount of 4,400 employees closing quarter, CTS has reported a headcount of 25,6100, a drop of 700 employees.
The company's earnings stood at $495 million, up 11% from closing 12 months's $444 million and up five.3% from earlier quarter's $470 million.
At a time when rival Infosys lowered its outlook to 5.five%-6.five% for the full 12 months, CTS raised the decrease end of its annual guidance for the second time this 12 months from $14.70 billion to $14.84 billion (9% to 10% earnings growth) to $ 14.78 billion to $14.84 billion (9.4% - 10% growth).
"We are making consistent progress in executing the plan to accelerate our shift to digital services and solutions," said Francisco D'Souza, CEO, CTS.
"We've systematically built the significant capabilities needed to help our clients transform their business, operating, and technology models ̶ a transformation we call digital at scale. We believe our long-term relationships with clients and deep understanding of their priorities puts us in a privileged position to help them adapt, compete, and grow," he said
"We delivered solid third-quarter performance and completed a $1.5 billion Accelerated Share Repurchase program," said Karen McLoughlin, CFO, CTS.
"During the quarter, we continued to take actions designed to improve our cost structure while allowing us to invest in the business for growth. We maintained our momentum, and we expect to close out 2017 with solid revenue and earnings growth while having undertaken a substantial return of capital to shareholders," she said.
After recording a drastic fall in headcount of 4,400 employees closing quarter, CTS has reported a headcount of 25,6100, a drop of 700 employees.
Cognizant posts strong Q3 results, revenues grow 9.1%
![Cognizant posts strong Q3 results, revenues grow 9.1%]()
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November 01, 2017
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