Cognizant Technology Solutions Corporation reported net income of $456 million as per GAAP standards, or $0.78 per diluted share, compared to $470 million, or $0.80 per diluted share, in the second quarter of 2017.
There was a dip of 3% in net income due to net non-operating foreign exchange losses driven by the depreciation of the Indian rupee versus the prior year period and the initial funding of the Cognizant U.S. Foundation.
Non-GAAP diluted EPS was $1.19 compared to $0.93 in the second quarter of 2017.
During the period under review, GAAP operating margin was 16.7% and the non-GAAP operating margin 22%.
The company reported revenue of $4.01 billion, up 9.2% from $3.67 billion in the corresponding year-ago period.
For the third quarter 2018, Cognizant expects the revenue to be in the range of $4.06 billion to $4.10 billion. For the full year 2018, it expects the revenue to be in the range of $16.05 billion to $16.30 billion.
“As our second-quarter results confirm, we are making solid progress on our plan to accelerate our shift to digital services and solutions,” said Francisco D’Souza, Chief Executive Officer and vice-chairman of the board.
The company has declared a quarterly cash dividend of $0.20 per share on Cognizant Class A common stock for shareholders of record at the close of business on August 22, 2018. This dividend will be payable on August 31.
