Cognizant Q1 net up 26% to $557 mn

Cognizant Q1 net up 26% to $557 mn

Revenue stood at $3.55 bn, sticking to the higher end of the company's guidance


IT services major Cognizant today posted a 26 per cent increase in net profit at $557 million for the quarter ended March 31, 2017.

Cognizant's net profit stood at $441 million in the first quarter of 2016.

Cognizant Technology Solutions has declared its first quarterly cash dividend of $0.15 per share, after it has agreed with activist investor Elliott Management to issue dividend and announce share purchase programme. The company has posted a growth in tune with its guidance for the quarter ended March 31, 2017, with a revenue growth of 10.74% to $3.55 billion as compared to $3.20 billion during the same period a year ago.

 

Read this: At least 9 months' pay! Cognizant top execs get voluntary separation option


The company has declared its initial quarterly cash dividend of $0.15 per share to Cognizant Class A Common Stock for shareholders of record at the close of business on May 22, 2017. The dividend will be payable on May 31, 2017.


Besides, Cognizant said that its move to realign the business to accelerate its shift to high value digital transformation work while reassessing less profitable opportunities, is to improve its non-GAAP operating margin to 22% in calendar year 2019 as it continue to grow its revenue.(read more)

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