Cognizant Q2 profit down 19.7%, retains 2023 revenue growth guidance

Nasdaq-listed Cognizant Technology Solutions has retained its full-year 2023 revenue growth guidance at $19.2-19.6 billion, a decline of 1 per cent to growth of 1 per cent in constant currency. The third-quarter revenue is expected to be in the range of $4.89-4.94 billion, a decline of 0.5 per cent to growth of 0.5 per cent in constant currency.

The Teaneck, New Jersey-based firm posted a 19.7 per cent decline in net profit to $463 million for the June quarter from $577 million a year ago. The revenues declined 0.1 per cent in constant currency from the year-ago period to $4.9 billion, at the upper end of its guidance.