Cognizant net profit falls 30% to $348 mn in Q3; revenue flat at $4.2 bn

Teaneck-based IT major Cognizant has reported a decline of 30 per cent in net income at $348 million for the quarter ended September 30, 2020, as compared to $497 million in the same quarter last year.

The revenue stood flat at $4.2 billion for the quarter on a YoY basis, a negative 130 basis points impact from the full exit from certain non-strategic content services business. However, the company said it was confident of achieving the higher end of the previously guided range of approximately $16.7 billion or a decline of 0.4 per cent in constant currency for the full year.

The highest growth in revenue during the quarter came from healthcare vertical which grew 4.8 per cent to $1,231 million.