Net income stood at $505 million in Q1- up from $367 million in the same quarter last year
CHENNAI: IT major Cognizant beat street estimates posting a revenue growth of 4.2% year-over-year (2.4% in constant currency CC terms) for the January-March quarter (Q1). At $4.4 billion, revenue grew marginally from the quarter ended December 2020 when the company’s revenues declined 2% at $4.2 billion.
Net income stood at $505 million in Q1- up from $367 million in the same quarter last year and from $316 million in profits it posted in December. Cognizant follows the calendar year as its fiscal year.
The quarter’s performance was driven by the healthcare sector as revenues in the vertical grew almost 7% in constant currency.