Cognizant posts 26% profit rise in Q1

Nasdaq-listed IT outsourcing firm Cognizant said its profit for the first quarter of this year rose to USD557m from USD441m from a year earlier. With the Q1 growth, Cognizant reaffirmed its revenue growth forecast of 8–10% for calendar year 2017. In a statement, the company said its net income rose to USD557m, higher than the USD508.33m revenue expected by analysts. For the second quarter, Cognizant estimates revenue to be between USD3.63bn and USD3.68bn, a sequential increase between 2.3% and 3.7%. Cognizant has more than 261,000 employees, most of them based in India.