IT services giant Cognizant Technology Solutions Corp. (NASDAQ: CTSH) reported third-quarter revenue rose 5.6% year over year in constant currency. Revenue in North America, which comprises nearly 75% of the organization’s revenue, rose 4.0% in constant currency.

“Revenue and bookings were below our expectations as company-specific fulfilment challenges were compounded by the impact of an uncertain macroeconomic backdrop,” CEO Brian Humphries said. “We are confident the steps we are taking will return the company to accelerated growth over the medium to long term.”

The Teaneck, New Jersey-based firm recently announced the appointment of former president of Infosys Ltd. Ravi Kumar S, effective Jan. 16.

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In financial services, revenue growth in constant currency was driven by digital services among public sector clients in the United Kingdom and insurance clients. Growth was negatively affected by the sale of Samlink on Feb. 1.

Health sciences growth was led by digital services among pharmaceutical and healthcare payer clients.

Products and resources revenue growth was driven by digital services among logistics, automotive, consumer goods, and travel and hospitality clients.

The fastest growth took place in Cognizant’s communications, media and technology segment due to strength among digital native companies.

Cognizant also announced Tuesday it agreed to acquire the professional services and application management practices of Dallas-based OneSource Virtual, a Workday partner. It is expected to gain 400 new employees upon the closing of the acquisition.

Guidance

Cognizant forecast fourth-quarter revenue to decline by 0.2% to 1.2% — or rise by 2.0% to 3.0% in constant currency.

Cognizant now expects full-year revenue to grow 4.5%, or 7.0% in constant currency.

Share price and market cap

Shares in Cognizant were down 13.46% to $52.15 as of 10:05 a.m. Eastern time; they set a new 52-week low during today’s trading session, according to FT.com. The company had a market cap of $31.20 billion.