Cognizant reports 2017 revenue of $14.81 billion, with spending from financial services up 5%

Cognizant, the NASDAQ-listed technology consultancy, has announced in its annual and fourth quarter results an increased annual revenue of $14.8 billion in 2017, up 9.8% over the previous year. Over the course of the year, spending from financial services rose 5%, and accounted for 38.1% of the total revenue. In a statement, Francisco D’Souza, Chief Executive Officer of Cognizant, explained that continued investments to enhance its digital services and consistent and solid execution throughout 2017 stood the company in good stead for a strong 2018. “As companies that are already leaders in their industries integrate their domain knowledge with today’s tremendously powerful technologies like artificial intelligence, analytics and cloud, we see a new generation of digital heavyweights emerging. Cognizant is resolved to be the go-to partner to these digital-industrial leaders and also to our fast-growing digital-native clients,” he said. A net loss of $18 million was reported in the fourth quarter, compared to net income of $416 million in the same quarter of 2016. But 2017 results included a one-time incremental income tax expense of $617 million related to US Tax Reform Act.