Cognizant posts small loss due to one-time provisional income tax in US

For the year 2018, the company is expecting the revenue to be in the range of $16-16.30 billion

Information technology (IT) services major Cognizant on Wednesday reported a loss of $18 million in the quarter ended December 31, 2017, due to a one-time provisional income tax in the US.

In the corresponding quarter of 2016, it had posted a profit of $416 million. In the quarter ended September 30, 2017, the company’s net was $495 million.

Cognizant had an upbeat forecast for January-March, 2018, citing increased spending by clients in financial services and health care. These sectors have been primary clients of Nasdaq-listed Cognizant. 

In the quarter under consideration, the IT major’s revenues stood at $3.38 billion, up 10.6 per cent