Cognizant quarterly revenue beats estimates, appoints Brian Humphries as CEO

Cognizant's net profit declined 29 percent to $361 million in the June quarter due to COVID-19 pandemic (Image Courtesy: Wikimedia Commons)

Cognizant Technology Solutions Corp on Wednesday beat Wall Street estimates for quarterly revenue, benefiting from higher spending by clients in the healthcare and financial industries.

The company also said Francisco D'Souza, its chief executive officer since 2007, will give up the role and become executive vice chairman. Brian Humphries, CEO of Vodafone Business, will replace D'Souza, effective April 1.

The consulting and outsourcing services provider reported net income of $648 million, or $1.12 per share, in the fourth quarter ended Dec. 31, compared with a net loss of $18 million, or 3 cents per share, a year earlier

Revenue rose to $4.13 billion from $3.83 billion and narrowly beat the average analyst estimate of $4.11 billion, according to IBES data from Refinitiv.