Cognizant revises guidance, taps former Infosys exec as new CEO
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Cognizant (NASDAQ:CTSH) has updated its guidance for fourth quarter and full-year 2022.
The company expects fourth quarter revenue of ~$4.8B compared to prior expectations of $4.72B-$4.77B. Analysts expect the firm to generate $4.75B revenue for the quarter.

For full year 2022, revenue is projected at $19.4B vs. $19.3B previously. Consensus revenue estimate for the year is $19.34B. Adj. diluted EPS is expected between ~$4.38 and $4.40 (consensus: $4.45), compared to prior guidance of $4.43-$4.46.
This updated earnings guidance includes a negative impact from the impairment of certain capitalized costs related to a large volume-based contract with a Health Sciences customer.
In addition, Cognizant (CTSH) announced leadership transition with former Infosys president joining the firm as CEO. Kumar succeeds Brian Humphries who will remain with the company as a special advisor until March 15, 2023.