BENGALURU: Cognizant narrowed its full-year growth guidance and cut the top end of its revenue expectations to $16.13 billion, a sharper cut than some analysts had expected. The Teaneck, New Jersey-headquartered company now expects 2018 revenue of $16.09 billion to $16.13 billion.

In August, the IT company had forecast full-year revenue of $16.05 billion to $16.30 billion. “2018 revenue guidance (will) likely (be) narrowed to $16.15-16.25 billion (currently $16.05-16.30 billion; consensus $16.17 billion),” David Koning, analyst with US brokerage Robert Baird had said in a preview note last week. The company’s net income fell to $477 million, from $495 million in the previous year.

Cognizant attributed the decrease to higher foreign exchange losses caused by the depreciation of the rupee. “Cognizant delivered strong third-quarter results in three of our four business segments," said Francisco D'Souza, Chief Executive Officer and Vice Chairman of the Board.

“Our performance this year demonstrates our ability to both invest for growth and achieve our financial targets." For the third-quarter, Cognizant reported revenue of $4.08 billion, up 8.3 per cent from a year ago.