Cognizant leverages partnerships to drive growth despite revenue challenges in Financial Services

From Nasdaq: 2024-09-24 11:49:00

Cognizant Technology Solutions (CTSH) is leveraging partnerships with Gentherm, Google Cloud, and Victory Capital Holdings for growth. It recently celebrated a successful three-year partnership with Aston Martin Aramco Formula One Team, with Fernando Alonso meeting Cognizant’s leadership team.

In Q2 2024, CTSH secured large contracts worth over $100 million each, marking a strong performance. It also launched healthcare solutions on Google Cloud and signed engineering service agreements with Gentherm. Additionally, a strategic agreement with Victory Capital Holdings was signed for digital transformation support.

Despite operational successes, CTSH faces revenue challenges in the Financial Services segment, leading to a slight decline in Q2 revenues. The company projects a slight decline to an increase in revenues for Q3. The stock has seen modest growth against the Computer & Technology sector.

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Read more at Nasdaq: Can Cognizant’s Expanding Partner Base Push the Stock Higher?