Cognizant Q3 revenue meets expectations; net profit down 3.6%

But IT giant pares revenue guidance for the full year

Information technology (IT) services major Cognizant's third quarter earnings met Street expectations on the revenue front but its net profit was below the projection. 

The New Jersey-headquartered company also cut the higher end of its full year growth guidance, indicating a slower pace of revenue growth in the coming quarter.

      

During the quarter ended September, the Nasdaq-listed firm reported 3.6 per cent decline in net profit on a year-on-year (YoY) basis at $477 million owing to higher net non-operating foreign exchange losses arising from the rupee depreciation. However, net profit rose 4.6 per cent sequentially.

Revenue of the firm,