Cognizant expects full year growth to be lower than in 2015

IT and outsourcing services company Cognizant expects full year revenue growth of just 8.5%-9.0%, less than half the growth seen in 2015, when its top line grew by 21%. The lower full year forecast comes as the company reported revenue growth of just 2.5% for Q3 of this calendar year. The revenue growth was less than the 3.5% growth reported by competitor Infosys. Another player, TCS, has reported an increase of just 0.3%. Cognizant’s Q3 2016 revenue was USD3.45bn, up 8.4% from USD3.19bn in Q3 of 2015. Reported net income was USD444.4m compared to USD397.2m in Q3 2015. Cognizant earlier announced the appointment of Rajeev Mehta as its new president. Mehta, who was chief executive officer of the company, took over from Gordon Coburn, who abruptly resigned.