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IT firm Cognizant net profit down 3 percent of Q2

Revenue rose to USD 4 billion in the April-June 2018 quarter from USD 3.6 billion in the year-ago period.


PTI 02 Aug 2018, 12:22 PM United States

IT services firm Cognizant today posted 2.97 percent dip in net profit to USD 456 million for the second quarter this year.

The company had posted a net profit of USD 470 million in the year-ago period, Cognizant said in a statement.

Revenue rose to USD 4 billion in the April-June 2018 quarter from USD 3.6 billion in the year-ago period.

The US-based company follows January-December as its fiscal year.

For the third quarter, the company expects its revenue to be in the range of USD 4.06 billion to USD 4.10 billion. Its full-year revenue is forecast to be in the range of USD 16.05 billion to USD 16.30 billion.

"As our second-quarter results confirm, we're making solid progress on our plan to accelerate our shift to digital services and solutions,” Cognizant CEO and Vice Chairman Francisco D'Souza said.

The company remains confident of its ability to invest for growth and achieve its financial targets, he added.

"Year-over-year non-GAAP operating margin expansion reflects strong operational execution and positions us well to absorb planned investments in the second half of the year," Cognizant CFO Karen McLoughlin said.

The company, which has a significant portion of its headcount based in India, added 7,500 employees (net) in the June 2018 quarter. Its total headcount was at 268,900 at the end of June 2018.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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