Cognizant, the Nasdaq-listed IT services major with a large presence in India, has marginally lowered the annual revenue guidance for the third consecutive quarter this year, blaming it on Brexit and continued slowness in the demand environment.
The quarterly revenue rose by 2.5% on a sequential basis for the three months ended September to touch $3.45 billion which was well within its guided range of 1.7-3%. For the current quarter, it has projected a sequential revenue growth of 0-1.8%.
Its net profit during the third quarter stood at $444.4 million, growing 76% sequentially. However, this is not strictly comparable with the second quarter results when there was a provision of $342.4 million for income taxes due to certain remittance payments.
Cognizant has projected a revenue in the range of $13.47 billion to $13.53 billion for the year as compared to $13.47-13.60 bn as guided earlier.