Global first-quarter revenue rose 3.5% on a constant-currency basis at Cognizant Technology Solutions Corp. (NASDAQ: CTSH). The global IT services giant reported earnings Thursday.

Cognizant noted the Covid-19 disruptions resulted in reduced revenue, and the pandemic is dampening demand across industries going into the second quarter. The company is not providing guidance at this time.

“While we expect a challenging demand environment throughout 2020, we believe the pandemic is accelerating the secular trends of core modernization and cloud migration as companies shift to digital business models,” CEO Brian Humphries said. “These and other related IT trends play directly to Cognizant’s strategy.”

Share price and market cap

Shares in Cognizant were down 2.89% to $57.06 as of 12:22 p.m. Eastern time; the company had a market cap of $31.79 billion, according to FT.com.