Cognizant Q3 net dips 3.6% to $477 million
New Delhi: US-based IT major Cognizant Tuesday said its net profit dipped 3.6 per cent to USD 477 million in the September quarter on account of higher foreign exchange losses.
The company had registered a net profit of USD 495 million in July-September 2017, Cognizant said in a statement.
"The decrease in net income was primarily due to higher net non-operating foreign exchange losses in 2018 driven by the depreciation of the Indian rupee versus the prior year period," it added.
The company's revenues rose 8.3 per cent to USD 4.08 billion in the third quarter, meeting its guidance range of USD 4.06-4.10 billion for the period. In the September 2017 quarter, its revenue was USD 3.77 billion.
Cognizant expects its revenue for the full year to be in the range of USD 16.09 billion to USD 16.13 billion. For the fourth quarter, it expects revenues to be in the range of USD 4.09-4.13 billion.
The company, which follows January-December as fiscal, has a majority of its workforce in India.