Cognizant Q1 net falls 16.7% to $367 million; sees challenging demand environment in 2020 amid coronavirus pandemic

IT company Cognizant has reported a 16.7 per cent drop in its March quarter net income at USD 367 million, and said it expects a challenging demand environment throughout 2020 amid the coronavirus pandemic.

Cognizant follows January-December as financial year. Its net profit was at USD 441 million in the March 2019 quarter. The US-headquartered company, which has about 2 lakh employees based in India, had previously withdrawn its FY20 guidance amid uncertainties on account of COVID-19 pandemic.