Cognizant income down 29% at $361 mn, revenue declines 3.4% in June qtr

IT major Cognizant has reported 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 FY2020 revenue to be in the range of $16.4-16.7 billion.

For the June 2020 quarter, Cognizant’s revenue saw 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 200,000 employees based in India – follows January-December as financial year.