Cognizant Q2 net profit down by 40% at $252 mn
US-based Cognizant Technology Solutions on Friday posted a 40% year-on-year fall in net profit to $252.4 million in the quarter ended June. However, revenue rose by 9.2% from the year-ago period to $3.37 billion. The company attributed the decline in profits to higher taxes due to a one-time transaction of $190 million recognised during the quarter besides higher operating margin.