Cognizant Q2 profit up 12.7% at $577 mn, lowers revenue guidance

Nasdaq-listed IT services firm Cognizant on Thursday reported a net profit of $577 million for the second quarter ended June 30, up 12.7 per cent from the year-ago period. The company’s attrition was highest compared to peers.

Revenue was at $4.9 billion, up 9.5 per cent in constant currency on a year-on-year (YoY) basis.

Cognizant, which follows the calendar year, said it had clocked growth for the fifth consecutive quarter and made the highest quarterly revenue to date. Growth was driven by geographies and verticals. North America grew 8.4 per cent YoY, and Europe was up 2 per cent. Communications, media and