Cognizant Technology Solutions Corporation
Cognizant Reports 2023 Full-Year Results with Slight Revenue Decline and Increased Dividend
Summary
Cognizant Technology Solutions Corporation reported its full-year 2023 financial results on February 6, 2024, showing a slight revenue decline of 0.4% year-over-year to $19.4 billion. The company maintained a strong operating margin of 13.9% and adjusted operating margin of 15.1%, exceeding guidance. Net income was $2.1 billion, and free cash flow amounted to $2.0 billion. Bookings increased by 9% to $26.3 billion. The company also announced a 3% increase in its quarterly cash dividend to $0.30 per share. Additionally, Cognizant highlighted its strategic partnerships and new client engagements in various sectors.
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About Cognizant Technology Solutions Corporation
Cognizant Technology Solutions Corporation is a prominent player in the professional services and IT consulting industries. The company specializes in offering a diverse range of services, including digital transformation, information technology, consulting, operations, and business process outsourcing. Operating globally, Cognizant assists a multitude of sectors such as healthcare, financial services, manufacturing, and retail, enabling clients to navigate the complexities of the digital economy. Founded in 1994 and headquartered in Teaneck, New Jersey, Cognizant has established itself as a leader in helping businesses innovate, automate, and modernize their IT infrastructure. The corporation leverages cutting-edge technologies like artificial intelligence, cloud computing, and data analytics to provide tailored solutions that optimize efficiency and drive growth for its clients. In the financial market, Cognizant is recognized for its consistent performance and resilience, maintaining a robust presence across various markets. Its role in facilitating digital enablement and technological advancements positions it as a critical ally for businesses aiming to remain competitive in the swiftly evolving digital landscape.
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