 "Cognizant Q2 net income declines 3% to $456 mn due to rupee depreciation")
Cognizant's second-quarter net income saw a marginal drop of three per cent to $456 million, compared to $470 million during the same quarter last year, owing to net non-operating foreign exchange losses driven by rupee depreciation. The company's revenue increased 9.2 per cent to $4.01 billion during the quarter ended June 30, 2018, as compared to $3.67 billion during the corresponding quarter of the previous year, which is in line with its guidance.
The decrease in net income was primarily due to net non-operating foreign exchange losses driven by the depreciation of the Indian rupee against the prior year
