Cognizant logs $18.5 b revenue in 2021

IT company Cognizant on Thursday posted over 10 per cent growth in its full-year 2021 revenue at $18.5 billion, as it returned to double-digit annual revenue growth for the first time since 2015. The company follows the calendar year.

The firm’s revenue stood at $16.7 billion in 2020, according to a company statement.

The Teaneck, New Jersey- based IT services firm expects its full year 2022 revenue to grow 8.5-11.5% in constant currency to $20.0- 20.5 billion, its highest-ever annual revenue outlook, the company said in a statement.

The first quarter revenue outlook for 2022 is projected at 10.2-11.2 per cent in constant currency. According to the company statement, revenue for Q4 2021 rose to $4.8 billion from $4.2 billion in the year ago period.

Cognizant Chief Executive Officer, Brian Humphries said, “I’m proud of Cognizant’s broad-based progress over the past year. We successfully executed our strategy by meaningfully enhancing our digital portfolio, strengthening our international presence, and helping our clients to be successful.”

Humphries will complete three years at the helm of Cognizant in April this year.

“We enter 2022 with momentum and confidence that our talented employees position us to capture the substantial market opportunity,” he added.

The Nasdaq-listed company added a record 33,000 new college graduate hires in India in 2021 and plans to induct 50,000 freshers in the calendar year 2022. The company ended the year with a total headcount of 330,600, up 14 per cent year-on-year. The company reported attrition of 31 per cent of the fourth quarter. (PTI)