Cognizant Q1 meets Street estimates; net income rises 11.5% to $563 mn

Nasdaq listed IT services major Cognizant reported net income of $563 million for the first quarter ended March 31, 2022. Net income was up 11.5 per cent year-on-year, but down from $576 million in the quarter ended Oct-Dec 2021.

Revenue for the first quarter rose by 10.9 per cent in constant currency at $4.8 billion. The company follows Jan-Dec financial calendar.

Cognizant expects its full year revenue guidance to be in the range of 7.2 per cent to 9.2 per cent or 9 per cent to 11 per cent in constant currency. The company has marginally upped its guidance in