Cognizant forecast revenue of between $3.88 billion and $3.92 billion for the first quarter ending March. Photo: Madhu Kapparath/MintBengaluru: Cognizant Technology Solutions Corp. managed to grow its December quarter revenue faster than analyst expectations, but a one-time expense due to a change in US tax policy hit profitability at the Nasdaq-listed firm, which reported its first quarterly loss in its 24-year history. However, the company reported a loss of $18 million in the fourth quarter, from a $416 million profit in the year-ago period and a $495 million profit in the third quarter. Analysts polled by Bloomberg had expected Cognizant to report a revenue of $3.82 billion and profit of $570 million. Cognizant shares were trading up 5.1% at $77.67 on the Nasdaq as of 8.52pm (IST) on Wednesday.

Source: Mint February 07, 2018 15:33 UTC