Cognizant announces Q4 results

Q4 2018 Highlights

- Quarterly revenue rose to $4.13 billion - the upper end of the guided range - up 7.9% (8.8% in constant currency) from the year-ago quarter.

- Non-GAAP diluted EPS was $1.12, compared to $1.03 in the fourth quarter of 2017.

- Non-GAAP operating margin was 19.5%.

- Net headcount addition was approximately 7,400 for the quarter, and 21,600 for the full year 2018, taking the Company's global headcount to approximately 281,600 employees as of December 31, 2018.

Full Year 2018 Highlights

- Revenue increased to $16.13 billion, up 8.9% (8.5% in constant currency) from 2017.

- GAAP net income for 2018 was $2.10 billion ($3.60 per diluted share), compared to $1.50 billion ($2.53 per diluted share) for 2017.

- Non-GAAP diluted EPS was $4.57, compared to $3.77 in 2017.

First Quarter and Full Year 2019 Outlook

- First quarter 2019 year-over-year revenue growth of 7.5-8.5% in constant currency.

- Full year 2019 year-over-year revenue growth of 7.0-9.0% in constant currency.

- Full year 2019 Adjusted Diluted EPS expected to be at least $4.40.

Executive Changes

- Board of Directors appoints Brian Humphries, currently the CEO of Vodafone Business, as Cognizant's CEO and a member of the Board of Directors effective April 1, 2019. (a line or two on him)

- Francisco D'Souza, co-founder of Cognizant and CEO since 2007, will serve as full-time Executive Vice Chairman to facilitate the transition through June 30, 2019, and will thereafter remain on the Board as Vice Chairman.

- Rajeev Mehta to step down as the Company's President, effective April 1, 2019.

Source : Equity Bulls

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