Cognizant Q1 net profit up 3% YoY; to lay off 3,500 employees over two years

US-based software exporter Cognizant’s net profit increased 3% in the fourth quarter to $580 million on lower administration costs and a bump in other income.

The company’s revenue declined 0.3% year on year to $4.81 billion for the three-month period that ended in March, beating Street estimates of $4.74 billion. Revenue was down 0.7% while profit rose 11.3% on a sequential basis.