Cognizant Technology Solutions - CTSH STOCK NEWS

Cognizant announced its Q1 2023 financial results, reporting a decline of 0.3% YoY in revenue but a growth of 1.5% in constant currency. The company achieved record trailing 12-month bookings of $25.6 billion, with Q1 bookings growth of 28% YoY. Cognizant expects to return $1.4 billion to shareholders through share repurchases and dividends in 2023. However, the company provided a revenue growth guidance of (1.2%) to 0.8% for 2023.

Cognizant (NASDAQ: CTSH) has announced a new five-year agreement with Nike (NYSE: NKE) to enhance technology operations across over 230 locations in more than 40 countries. This partnership builds on a 14-year collaboration and aims to improve customer, employee, and partner experiences through multilingual IT support, application assistance, and infrastructure management.

The agreement includes on-site and remote technical support for Nike's 70,000 employees and emphasizes hyper-automation and AI to drive efficiency and cost savings. Cognizant's expertise is expected to support Nike's ongoing digital transformation, enhancing product innovation and consumer connection.

Cognizant (NASDAQ: CTSH) announced a 7-year agreement with Horizon Healthcare Services to provide support for its government healthcare programs, managing claims, encounters, and enrollment for over 1.2 million Medicaid members. Leveraging its TriZetto healthcare products, Cognizant aims to enhance efficiency and accuracy in claims processing. This partnership builds on their existing relationship since 2016, during which Cognizant helped Horizon grow its membership from 850,000 to 1.2 million. The collaboration is poised to improve operational compliance and enhance Horizon's position in New Jersey's Medicaid market, where over half of the state's Medicaid recipients are enrolled with Horizon. Cognizant's TriZetto products facilitate over 2.6 billion transactions annually, supporting more than 347,000 healthcare providers.

Cognizant (Nasdaq: CTSH) and Guidewire (NYSE: GWRE) have partnered to modernize claims operations for FCCI Insurance Group, aiming to enhance efficiency in claims processing. This collaboration involves migrating FCCI to Guidewire Cloud, allowing for quicker claims management across various business lines. FCCI anticipates reduced processing times and costs, with improved customer experiences as agents can focus more on service. Cognizant's expertise in cloud migration and Guidewire products is significant, as they help insurers leverage data analytics and machine learning for informed decision-making. FCCI, which operates across 20 states, has over $1 billion in direct written premiums and is rated A (Excellent) by A.M. Best Company.

Cognizant (Nasdaq: CTSH), a leader in IT consulting and business services, will announce its Q1 2023 earnings on May 3, 2023, after the market closes. Following the announcement, management will host a conference call at 5:00 p.m. Eastern to discuss the earnings report. Interested participants can dial in using the numbers provided or access the call via the Investor Relations section of Cognizant's website. A replay will be available after the call until May 17, 2023. For 60 days post-call, the replay can also be accessed on the company's website.

Cognizant (NASDAQ: CTSH) has been recognized as a leader in Capital Markets Operations by Everest Group in a report evaluating 23 service providers based on client feedback and technology capabilities.

The recognition is attributed to Cognizant's balanced portfolio, innovative technologies, and strong analytics capabilities, supported by over 6,000 associates focused on capital markets.

Key areas of strength include automated trade processes, offshore delivery centers, and partnerships enhancing service offerings. Cognizant's consulting services aid clients in navigating financial sector challenges, such as the recent inflationary environment and regulatory changes.

These accolades underline Cognizant's commitment to improving operational efficiencies and client experience in capital markets.