Net income for the quarter at $505 million was up 37 per cent from $367 reported in the same quarter last year.
"In the first quarter, we successfully executed our strategy of embracing digital, investing in international expansion and repositioning the Cognizant
brand. Cloud migration and digital adoption create a significant opportunity for Cognizant in the coming years," said Brian Humphries, Chief Executive Officer.
He also shared his concern on the rising number of Covid cased in India. "The ongoing humanitarian crisis, especially in India, is deeply concerning. We have made a series of investments to support India in this time of need and continue to prioritize the health and safety of our associates while we serve our clients," he said.
The underperformance of the financial services segment is one of the reasons for the lag in numbers. Financial Services, which represents 33.1 per cent of revenues, grew 0.5 per cent YoY, and decreased 1.7 per cent in constant currency. “Revenue growth generated by our digital services in both banking and insurance was offset by declining non-digital revenue as the company said its clients continue to optimize the cost of supporting their legacy systems and operations,” said Humphries.
(29.3 per cent of revenues) revenue grew 7.9 per cent year-over-year, or 7 in constant currency. “Our healthcare
revenue benefited from increased demand for our integrated payer software solutions and continued strong demand among our life sciences clients,” said the company in the statement.
Cognizant reported attrition of 21 per cent for the quarter, voluntary attrition was 18 per cent, one of the highest in the industry. The company has a total headcount of 296,500 employees.
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