Cognizant Q4 net drops 39 per cent to $395 mn

Cognizant Technology Solutions Corporation, the US-based IT company with a large presence in India, has reported a 39 per cent drop in net profit to $395 million for the fourth quarter ended December 31, 2019 as compared to $648 million in the year-ago quarter.

Quarterly revenue was $4.3 billion, up 3.8 per cent from the year-ago quarter.

“Our steady progress against key initiatives is increasingly evident in our commercial and financial performance,” said Brian Humphries, Chief Executive Officer, Cognizant, in a press release. “We enter 2020 with renewed vigour and optimism.”

Net profit for the year ended December 31, 2019 was $1.8 billion, down by 14 per cent as compared to $2.1 billion in 2018.