Cognizant forecasts Q1 2023 revenue to decline 1% or remain flat

Nasdaq-listed Cognizant Technology Solutions has forecast its first quarter 2023 revenue to be in the range of $4.71-4.76 billion, a decline of 1% to flat in constant currency. It has not provided a full-year guidance and said it intends to provide an update in its next earnings release in early May.

The Teaneck, New Jersey-based firm posted a 9.5% decline in net profit to $521 million for the December quarter from $576 million a year ago, even as revenues grew 4.1% in constant currency from the year-ago period to $4.8 billion. The company follows the calendar year.