Cognizant Technology Solutions Corp. (NASDAQ: CTSH) reported third-quarter revenue fell 0.7% on a constant currency basis. Net income at the Teaneck, New Jersey-based IT services firm declined 30.0%.
| (US$ millions) | Q3 2020 | Q3 2019 | % change | % constant currency |
| Revenue | $4,243 | $4,248 | -0.1% | -0.7% |
| Net income | $348 | $497 | -30.0% |
Cognizant noted $51 million in restructuring charges in third quarter; it had recorded a restructuring charge of $65 million last year.
Revenue by client industry vertical
| (US$ millions) | Q3 2020 | % change | % constant currency |
| Financial services | $1,469 | -1.5% | -2.2% |
| Healthcare | $1,231 | 4.8% | 4.2% |
| Products and resources | $927 | -4.0% | -4.6% |
| Communication, media and technology | $616 | 0.2% | -0.2% |
Revenue by geography
| (US$ millions) | Q3 2020 | % change | % constant currency |
| North America | $3,179 | -1.4% | -1.4% |
| UK | $345 | 6.2% | 2.0% |
| Continental Europe | $437 | 1.6% | -2.4% |
| Rest of world | $282 | 4.4% | 7.1% |
Guidance
Full-year revenue is expected to be at the high end of guidance, falling 0.4% in constant currency.
Share price and market cap
Shares in Cognizant were up 1.08% to $71.87 as of noon Eastern time; shares had set a new 52-week high today when they reached $76.45 at one point prior to noon. The company had a market cap of $39.80 billion.