Outsourcing provider Cognizant posted disappointing Q2 results causing the company to reduce its growth predictions from 16.5% to 14% at year end. As a result investors were left concerned at the prospect of an outsourcing slowdown which saw Infosys and TCS share prices plunge. Although the second quarter results were less than expected revenues were up 17% year on year at $2.52 billion.

Cognizant lands FAO deal from ISS in Nordics