Cognizant Technology Solutions Corp. (NASDAQ: CTSH) reported first-quarter revenue rose 2.4% in constant currency.
“In the first quarter, we successfully executed our strategy of embracing digital, investing in international expansion and repositioning the Cognizant brand,” CEO Brian Humphries said. “Cloud migration and digital adoption create a significant opportunity for Cognizant in the coming years.”
| (US$ millions) | Q1 2021 | Q1 2020 | % change | % constant currency |
| Revenue | $4,401 | $4,225 | 4.2% | 2.4% |
| Net income | $505 | $367 | 37.6% |
Humphries said Cognizant is taking steps to help amid the ongoing Covid-19 pandemic.
“The ongoing humanitarian crisis, especially in India, is deeply concerning,” he said. “We have made a series of investments to support India in this time of need and continue to prioritize the health and safety of our associates while we serve our clients.”
Revenue by industry vertical
| (US$ millions) | Q1 2021 | % change | % constant currency |
| Financial services | $1,458 | 0.5% | -1.7% |
| Healthcare | $1,288 | 7.9% | 7.0% |
| Products and resources | $998 | 4.6% | 2.4% |
| Communication, media and technology | $657 | 5.0% | 3.1% |
Revenue by geography
| (US$ millions) | Q1 2021 | % change | % constant currency |
| North America | $3,283 | 2.9% | 2.7% |
| UK | $370 | 9.8% | 2.7% |
| Continental Europe | $456 | 4.3% | -3.7% |
| Rest of world | $292 | 11.9% | 8.9% |
Guidance
Cognizant forecast second-quarter revenue of between $4.42 billion and $4.46 billion, representing growth of between 10.5% and 11.5% (between 8.0% and 9.0% in constant currency).
Share price and market cap
Shares in Cognizant were down 7.92% to $75.01 as of 11:49 a.m. Eastern time; they were 9.33% below their 52-week high. The company had a market cap of $43.05 billion.