Cognizant narrows FY guidance, eyes further cost cuts

Cognizant expects full-year revenue growth of 3.9-4.9 per cent in constant currency.

BCCL
Cognizant had slashed its revenue growth guidance to single digits last month, after new CEO Brian Humphries began his restructuring and cost cut measures.
Bengaluru: Cognizant narrowed the range of its full year guidance and expects further cost cuts, as the company continues to restructure it's strategy under its new CEO.

The Teaneck, New Jersey-headquartered company, now expects full-year revenue growth of 3.9-4.9 per cent in constant currency terms. It had previously forecast growth of 3.6-5.1 per cent growth in constant currency. Cognizant had slashed its revenue growth guidance to single digits last month, after new CEO Brian Humphries began his restructuring and cost cut measures.

"We are taking the necessary steps to position Cognizant for improved commercial and financial performance," said Brian Humphries, Chief Executive Officer. "While there is lots of work ahead, I am encouraged by what I have seen to date and am optimistic on our future."


For the second quarter, the company reported revenue of $4.14 billion up 4.7 per cent in constant currency terms from the previous year.

“We are implementing actions in the second half of the year that we expect will lower our existing cost structure and allow for greater investment in growth, talent, and digital solutions,” said Karen McLoughlin, Chief Financial Officer.
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