The company is aiming to
invest in business and would onboard around 20,000 entry-level executives in
2020.
Teaneck-based IT major Cognizant has reported a decline of 16.78 per cent in net income at $367 million for the quarter ended March 31, 2020, as compared to $441 million in the same period a year ago.
The company is aiming to
invest in business and would onboard around 20,000 entry-level executives in
2020.
Its revenue grew by 2.8 per
cent to $4.22 billion during the quarter compared to $4.11 billion a year ago,
after a negative 50 basis points impact from the exit of certain content
services business it had announced earlier.
The company said that the
Covid-19 related disruption reduced revenue in March, reflecting delays in
project fulfilment while the company shifted to work-from home capabilities.
The highest growth in
revenue during the quarter came from Communications, Media and Technology,
which grew 5.2 per cent to $626 million. Financial services and healthcare,
which contribute around 34.3 per cent and 28.3 per cent of its revenues, grew
by 1 per cent and 2.5 per cent, respectively. Products and resources grew 4.4
per cent to $954 million.
Growth in banking was
driven by the contribution of the previously announced partnership with three Finnish
financial institutions to transform and operate a shared core banking platform
and regional banks in North America.
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