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Cognizant Cuts Cost By Firing 3,500 Of Its Employees

Cognizant Cuts Cost By Firing 3,500 Of Its Employees - hrtalk

Cognizant, a US-listed IT services company with operations primarily based in India, is set to lay off 3,500 employees and give up office space to save costs as it expects a revenue decline in 2023.

The new CEO, Ravi Kumar S, is tasked with turning the company around and competing with industry giants like Accenture, TCS, and Infosys.

Cognizant has issued revenue guidance of $19.2 – $19.6 billion for the full year, indicating a decline of -1.2 per cent to 0.8 per cent in reported terms or -1 per cent to 1 per cent growth in constant currency.

Meanwhile, the company has forecasted a second-quarter revenue band of $4.83 – $4.88 billion, translating to a decline of -1.6 per cent to -0.6 per cent, or a decline of 1 per cent to flat in constant currency.

With a margin of 14.6 per cent, Cognizant’s margins are among the lowest in the IT industry and comparable to Tech Mahindra. The company has predicted an adjusted operating margin in the range of 14.2-14.7 per cent for the full year.

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