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Cognizant Technology Solutions has reported a 4 per cent drop in net profit to $477 million in the third quarter ended September 30, 2018, as against $495 million in the corresponding quarter last year. This is due to higher net non-operating forex losses driven by depreciation of the Indian rupee, said the US-based IT company in a press release.
Revenue for the third quarter of 2018 rose to $4.08 billion, up 8.3 per cent ($3.77 billion) mainly due to increase in business from segments such as communications, media and technology, and products and resources.
“Cognizant delivered strong third-quarter results in three of our four business segments. We made continued progress in our shift to digital by building new capabilities and helping our clients excel with digital services and solutions,” said Francisco D’Souza, Chief Executive Officer and Vice-Chairman of the Board, Cognizant, in the release.
The company added 5,300 employees (net) in the third quarter to take the total headcount as of September 30, 2018, to 2,74,200 (with majority of them working in India). Cognizant expects fourth quarter 2018 revenue to be in the range of $4.09-4.13 billion and for full year 2018 to be $16.09-16.13 billion, said the release.
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