Cognizant Technology Solutions Corp (NASDAQ:CTSH) stock fell 1.03% (As on Feb 3, 12:29:51 AM UTC-4, Source: Google Finance) after the company beaten the earnings estimates for the fourth quarter of FY 21. The company’s digital revenue grew 20% annually and contributed 45% to the total revenues for the December quarter as digital bookings continued to grow. It continues to focus on its priority areas of digital engineering, artificial intelligence (AI) and analytics, cloud, and internet of things (IoT). Revenue from financial services grew 18.8% in constant currency from a year-ago that included a positive 900 basis points impact from its acquisition of Samlink and the benefit of recently completed acquisitions. Both banking and insurance growth improved, driven by demand for digital services. This was partially offset by clients’ continued focus on cost optimization of supporting their legacy systems and operations. Healthcare revenue grew 8.2% annually in constant currency, led by life sciences, which was driven by increased demand for digital services. Revenue growth among healthcare clients was driven by its integrated software solutions. Products and resources revenue grew 18% annually in constant currency, which included the benefit of recently-completed acquisitions and revenue growth driven by clients’ adoption of digital technologies. Communications, media and technology revenue grew 13.1% from the year-ago period in constant currency. Revenue growth included the benefit of recently-completed acquisitions and continued strong demand from technology clients. Cognizant onboarded a record 33,000 new college graduate hires in India in 2021 taking its global headcount to 330,600. The voluntary annualized attrition rate reduced to 31% in the December quarter from 33% in the preceding three months.

CTSH in the fourth quarter of FY 21 has reported the adjusted earnings per share of $1.10, beating the analysts’ estimates for the adjusted earnings per share of $1.04, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 14.5 percent to $4.8 billion in the fourth quarter of FY 21. Q4 bookings grew 22% year-over-year, which resulted in full-year 2021 bookings of $23.1 billion, representing a book-to-bill of approximately 1.2x.

Additionally, During the fourth quarter, the Company repurchased 0.8 million shares for $66 million at an average price of $82.16 under its share repurchase program. As of December 31, 2021, there was $2.1 billion remaining under the current share repurchase authorization. On February 2, 2022, the Company declared a quarterly cash dividend of $0.27 per share, a 12% increase, for shareholders of record on February 18, 2022. This dividend will be payable on March 1, 2022.

Cognizant Technology Solutions Corp. expects its full year 2022 revenue to grow 8.5-11.5% in constant currency to $20.0-20.5 billion, its highest-ever annual revenue outlook.