Cognizant clocks 2% rise in revenue at $4.9 billion in June quarter, attritions eases below 20%

Cognizant Technology Solutions posted its earnings for the April to June 2023 period in which its revenue saw a sequential jump of two percent to $4.9 billion. Though the revenue has come in on the upper range of the guidance the firm had given earlier, on a year-on-year basis it has fallen 0.4 percent while constant currency revenue also is down 0.1 percent YoY.

The tech giant has projected third-quarter revenue at $4.89-4.94 billion, which is up 0.6-1.6 percent on a year-on-year basis. This is higher compared to the estimate of $4.86 billion as Refinitiv data cited by Reuters suggest.

Cognizant witnessed a bookings growth of 17 percent year-over-year with record trailing 12-month bookings of $26.4 billion. The firm’s adjusted operating margin came at 14.2 percent, marginally lower than 14.6 percent in the previous quarter.