Cognizant tops estimates even as Q1 net profit dips marginally; eyes layoffs

Net profit was $663 million in the same period a year earlier. However, sequentially, net profit gained by 2.1%. Despite the flat profit growth, revenue for the quarter grew 5.8% YoY to hit $5.4 billion, beating its own forecast for the quarter. On a constant currency basis, revenue for the quarter grew 3.9%, against its estimates of a growth between 2.7% to 4.2%.