Cognizant’s profit up 6.2% to $558 million, revenue down 2.4% to $4.76 billion, an eight-quarter low

New Jersey-based IT major Cognizant’s revenue for the October-December quarter declined 2.4% quarter-on-quarter to $4.76 billion, a likely eight-quarter low due to continued weakness in demand and limited tech spending by clients.

For the full year, the company posted a revenue of $19.4 billion, down 0.3% in constant currency, which was within the downward revised guidance the company had announced in the preceding quarter.

Net profit during the quarter was up 6.2% sequentially at $558 million on the back of healthy deal wins, acquisitions and steady margins. For the full year, the same was at $2.1 billion against $2.29 billion in FY22.