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Cognizant reports 8% revenue growth in Dec quarter, appoints new CEO

CHENNAI: IT major Cognizant’s December quarter revenues beat street estimates, clocking at $4.13 billion, up almost 8% from $3.83 billion revenue in the same quarter of 2017.

In a major management change, the company announced appointment of Brian Humphries as its new CEO, effective April 1. Humphries is currently the CEO of Vodafone Business, and he succeeds Francisco D’Souza, who co-founded Cognizant and has served as CEO since 2007.

The IT giant also announced that Rajeev Mehta is stepping down as the company’s President, effective April 1.

“Cognizant executed well in 2018, diversifying our revenue base and client roster, and investing to build distinctive leadership in six advanced digital capabilities,” said vice-chairman and CEO Francisco D’Souza. “With a disciplined plan for executing our digital strategy, we’ve set Cognizant up for the next stage of sustainable strong growth and value creation.”

The company reported full year 2018 revenue at $16.13 billion, up 8.9% (8.5% in constant currency) year-on-year, meeting the outlook it offered in the last quarter.

Net profit stood at $648 million in the current quarter, compared to a net loss of $18 million it reported in the fourth quarter of 2017, largely owing to a one-time incremental income tax expense of $617 million in that quarter.

The company expects full year 2019 revenues to grow at the rate of 7%-9% in constant currency terms year-on-year. It expects a year-over-year revenue growth of 7.5%-8.5% for the first quarter of 2019.

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