Cognizant Q1 revenue falls 1.1%, profit dips 6%

US-based information technology and professional services firm Cognizant Technology Solutions (Cognizant) posted a 1.1% year-on-year (YoY) fall in revenue at $4.76 billion for the first quarter FY24 due to continued slowdown in discretionary spending by clients.

Cognizant, whose majority of employees are based in India, follows the calendar year cycle from January to December.

The Nasdaq-listed firm had posted revenue at $4.81 billion in Q1 FY23. In constant currency terms, the revenue decline is 1.2%.