Cognizant slashes full-year growth outlook; Q1 net income tumbles 15%

IT company Cognizant has reported over 15% drop in net income for the quarter ended March, and slashed its full-year revenue growth outlook.

The US-headquartered company, which has a significant portion of its employees based in India, revised its full-year 2019 revenue growth outlook to 3.6-5.1% in constant currency, significantly less than 7-9v projected just months ago.

Cognizant follows January-December as financial year.

It cited “first quarter underperformance” and likelihood of slower growth in financial services and healthcare as reasons for the massive cut in full-year outlook.