Cognizant Q3 revenue rises 4.6% to $5.66B, shares tumble premarket
Business
Cognizant just posted a 4.6% jump in third-quarter revenue, reaching $5.66 billion, slightly above what Wall Street expected. The boost came amid double-digit growth in its financial services business.
But despite the good numbers, shares dropped more than 8% in premarket trading as quarterly bookings fell 7% year-on-year during the September quarter.
Cognizant trims full-year growth forecast
Looking ahead, Cognizant lowered its full-year growth forecast to between 4% and 4.4%.
On the bright side, big deals were signed during the quarter, and total bookings for the past year rose by 4%, hitting $28.7 billion.
The company is also growing its team, adding 3,200 new employees last quarter and now employing 359,900 people worldwide.