Cognizant logs $18 mn loss in Q4
7 Feb 2018 10:55 PM IST
New Delhi: US-based IT major Cognizant on Wednesday posted a net loss of $18 million for the December 2017 quarter, on account of one-time provisional income tax expense of $617 million related to the Tax Reform Act in the US.
The company posted a profit of $416 million in the year-ago period.
Cognizant, which competes with Indian firms like TCS and Infosys, saw its revenue grow 10.6 per cent to $3.83 billion in the fourth quarter of 2017 from $3.46 billion in the year-ago period, Cognizant said in a statement.
During 2017, the company saw its revenue rise 9.8 per cent to $14.81 billion, meeting the company's topline forecast of 9-10 per cent during the year. Its net profit was at $1.5 billion in 2017. For 2018, Cognizant expects its revenue to be in the range of $16-16.30 billion, translating to a topline growth of 8-10.1 per cent.
Cognizant said its first quarter revenue is expected to be in the range of $3.88-3.92 billion, a growth of 9.3-10.4 per cent year-on-year.
"Consistent and solid execution throughout 2017 gives us confidence that we can deliver a strong 2018," CEO Francisco D Souza said.
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