Nasdaq-listed Cognizant Technology Solutions has forecast its revenue for FY24 to be in the range of $19.0 to $19.8 billion, reflecting a decline of 2 per cent to a growth of 2 per cent in constant currency terms.

The firm, based in Teaneck, New Jersey, reported a 7 per cent increase in net profit at $558 million for the December quarter, up from $521 million in the corresponding period the previous year. Revenue decreased by 2.4 per cent in constant currency terms from the year-ago period to $4.75 billion, falling within its own guidance range of $4.69 to $4.82 billion. The company adheres to the calendar year as its financial year.

In comparison, Tata Consultancy Services (TCS) saw its dollar revenue grow by 1.7 per cent year-on-year (YoY) in constant currency to $7.3 billion for the December quarter. Infosys’ revenue fell by 1 per cent in constant currency to $4.7 billion for the quarter ending in December.

For the full year 2023, Cognizant’s revenue declined by 0.3 per cent YoY in constant currency to $19.4 billion, aligning with its growth guidance of $19.3 to $19.4 billion. READ: Spotify Q4 results: Revenue up 16% at $3.94 bn, user growth beats estimates

“We delivered fourth quarter revenue within our guided range and have maintained our commercial momentum. Full-year bookings of $26.3 billion represent a 9 per cent increase year-on-year, driven by new clients and large deals. To further enhance our capability in designing and delivering solutions, we continue to invest in generative artificial intelligence, cloud, data modernisation, digital engineering, and the Internet of Things,” stated Ravi Kumar S, CEO of Cognizant.