Cognizant net income falls 29%

IT major Cognizant has reported a 29 per cent drop in June quarter net income at $361 million (around Rs 2,701 crore), but is confident of logging strong growth in the coming quarters on the back of strong bookings and demand for digital services.

The US-based company, which posted a net income of $509 million in June 2019 quarter said it expects its revenue for 2020 to be in the range of $16.4-16.7 billion. For the June 2020 quarter, Cognizant’s revenue saw a 3.4 per cent decline (2.5 per cent in constant currency) at $4 billion from $4.14 billion in the year-ago period.

Cognizant — which has about 2 lakh employees based in India — follows January-December as financial year.