Global IT services giant Cognizant Technology Solutions Corp. on Thursday reported fourth-quarter revenue rose 4.1% to $4.84 billion. Revenue in North America, which comprises nearly 74.2% of the organization’s revenue, rose 2.9% in constant currency.

Among other geographies served, Cognizant reported the fastest growth in the UK, where fourth-quarter revenue was up 15.6% in constant currency. In Continental Europe, revenue edged up by just 0.7%, while it was up 7.2% in the rest-of-world category.

The Teaneck, New Jersey-based firm reported revenue rose across industry verticals except for financial services, where revenue fell 1.4% in constant currency.

Cognizant reported total headcount of 355,300 at the end of the fourth quarter. That’s an increase of 24,700 from the fourth quarter of 2021.

“The trust and longevity that define Cognizant’s strategic partnerships with global clients provide exciting opportunities to further strengthen and grow these relationships as we expand our portfolio of digital services,” CEO Ravi Kumar S said.

During the fourth quarter, the company recorded a $59 million impairment of capitalized costs related to a large volume-based contract with a health sciences customer. The impairment is driven by the company’s expectations of lower volumes.

Cognizant also appointed Eric Branderiz to its board effective Feb. 21. Branderiz’s past experience includes serving as VP and CFO at Enphase Energy Inc. and as chief accounting officer and corporate controller of Tesla Inc. Cognizant also announced that board member Maureen Breakiron-Evans will not stand for reelection.

Click on chart to enlarge.

Guidance

Cognizant forecast first-quarter revenue would be down between 1.5% and 2.5%, or down 1.0% to flat in constant currency.

Share price and market cap

Shares in Cognizant closed up 2.64% to $70.66 on Thursday; they were 37.66% above their 52-week low, according to FT.com. The company has a market cap of $35.38 billion.