Cognizant June quarter profit up 22% at $566 million

BENGALURU: Nasdaq-listed technology major Cognizant has reported $566 million net profit, up 22.2%, in the quarter ended June 2024. The company’s net profit in the same quarter last year was $463 million.

Its revenue in the June quarter stood at $4.85 billion, a decrease of 0.6% compared to $4.88 billion in the year-ago period.

Cognizant, which follows a January-December calendar year, has increased its full year 2024 revenue guidance, and it is expected to be $19.3 – $19.5 billion, a decline of 0.5% to an increase of 1.0%. This assumes about 70 basis points of inorganic contribution, the company said.

Its third quarter revenue is expected to be $4.89 – $4.96 billion, a decline of 0.2% to an increase of 1.3%. Cognizant’s operating margin stood at 14.6%, up from 11.8% in the second quarter of 2023, and its trailing 12-month bookings stood at $26.2 billion. Bookings in the second quarter increased 5% y-o-y.