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Cognizant Technology Solutions (NASDAQ: CTSH) is a globally renowned professional services company headquartered in Teaneck, New Jersey. Ranked 195 on the Fortune 500 list, Cognizant is celebrated for its innovative approach in transforming clients' business, operating, and technology models to thrive in the digital era. Employing nearly 300,000 people worldwide, with a significant portion situated in India, Cognizant offers comprehensive IT services including consulting and outsourcing to a diverse clientele across finance, healthcare, media, and more.
Recent Achievements and Partnerships:
- In April 2024, Cognizant partnered with McCormick & Company, Inc. to overhaul its global technology infrastructure using AI-powered tools, enhancing service productivity and user experience.
- The company announced its first quarter 2024 financial results, showcasing a robust performance with significant revenue and margin growth, driven by strategic deals and operational efficiencies.
- Cognizant continues to expand its philanthropic efforts through the Synapse program, having awarded $70 million in grants to uplift underrepresented communities and bridge skill gaps globally.
- The company has deepened its collaboration with Microsoft, acquiring 25,000 Microsoft 365 Copilot seats to enhance productivity and integrating AI for business transformation, further solidifying its market position.
- Cognizant also recently announced the acquisition of Belcan, LLC for approximately $1.3 billion, strengthening its ER&D capabilities and expanding its footprint in aerospace and defense sectors.
Financial Condition and Future Outlook:
Cognizant remains financially robust, consistently returning capital to shareholders through dividends and share repurchases. The company’s NextGen program and strategic acquisitions are set to drive future growth and innovation. With a focus on AI, cloud, and digital transformation, Cognizant is positioned to lead in delivering advanced technology solutions and maintaining a competitive edge in the global market.
Cognizant and Nexthink have partnered to launch Cognizant WorkNEXT™ Workplace Intelligence, aiming to transform digital workplace experiences using Nexthink's flagship product, Nexthink Infinity.
This new offering targets improved workplace outcomes by integrating predictive intelligence, user engagement, and automated issue resolution features to reduce operational costs and enhance productivity.
Cognizant's integration with Nexthink aims to support hybrid work models, enabling proactive IT support and better talent retention. The platform will feature real-time user experience observability, early detection of performance issues, and proactive remediation capabilities.
Fortive, a key client, has already benefited from these solutions, seeing improvements in employee experience and operational efficiency.
Cognizant (Nasdaq: CTSH) has announced its participation in two upcoming investor conferences.
Chief Executive Officer Ravi Kumar S will present at the J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference on May 21, 2024, at 11:30AM EST.
Chief Financial Officer Jatin Dalal will speak at the TD Cowen 52nd Annual Technology, Media & Telecom Conference on May 30, 2024, at 9:05AM EST.
Live audio webcasts of these presentations will be accessible on Cognizant's investor relations website, with replays available for 90 days.
Cognizant (Nasdaq: CTSH) reported first quarter 2024 financial results with revenue of $4.8 billion, a 1.1% year-over-year decline, or 1.2% decline in constant currency. Operating margin remained flat at 14.6%, while Adjusted Operating Margin expanded to 15.1%. The company returned $284 million to shareholders through share repurchases and dividends. Revenue guidance for 2024 is unchanged at (2.0%) to 2.0% in constant currency, with Adjusted Operating Margin guidance at 15.3-15.5%.
Cognizant (Nasdaq: CTSH) has entered into a five-year strategic partnership with Telstra, aiming to enhance software engineering capabilities, drive innovation, and improve customer and employee experience. The collaboration will accelerate Telstra's speed to market, operational efficiency, and technology outcomes by leveraging modern technologies like artificial intelligence (AI).
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