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Cognizant's rebound: Deals-led or organic?
Mint Hyderabad
|February 07, 2024
The firm sees revenue uptick, but core business growth remains sluggish
Cognizant Technology Solutions Corp. bounced back from 2023's lackluster performance, reporting revenue growth for last year, primarily on the back of two large acquisitions. But once you factor out the acquisitions, the revenue concerns linger.
The Chennai-born, New Jersey-headquartered Cognizant acquired Belcan in September for $1.3 billion to strengthen its position in the engineering research and development (ER&D) sector. In January 2024, it acquired Thirdera for $430 million to build artificial intelligence offerings.
The Nasdaq-listed firm reported $19.74 billion in revenue for 2024, up 1.98% on a yearly basis. In 2023, Cognizant's revenue had declined 0.4% to about $19.35 billion.
This story is from the February 07, 2024 edition of Mint Hyderabad.
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