Cognizant may lay off 3,500 employees
1 year, 7 months ago

Cognizant may lay off 3,500 employees

The Hindu  

IT services and consulting firm Cognizant may let go of 3,500 employees. About the costs related to the programme, Cognizant said, “This consists of approximately $200 million of employee severance and other costs primarily related to non-billable and corporate personnel, which we expect to mostly incur in 2023, and approximately $200 million of costs related to the consolidation of office space, with approximately $150 million in 2023 and $50 million in 2024.” Cognizant added that it expected 3,500 employees to be impacted as a result. The company’s total headcount at the end of Q1 2023 was 351,500, after a decrease of 3,800 from Q4 2022 and an increase of 11,100 from Q1 2022. Cognizant said it expected to see a slight decline in its second quarter revenue.

 lay  approximately  3500  expected  revenue  costs  million  related  employees  2023  q1  office  cognizant

History of this topic

Cognizant To Lay Off 3,500 Employees, Says Revenue Will Decline In 2023
1 year, 7 months ago

Cognizant To Lay Off 3,500 Employees, Says Revenue Will Decline In 2023

ABP News  

It major Cognizant said it it is planning to lay off 3,500 employees as the company will see a decline in revenue this year. It reported a three per cent rise in its net profit to $580 million, but its revenue fell 0.3 per cent to $4.81 billion. Cognizant provided revenue guidance of $19.2-$19.6 billion or -1.2 per cent to …

Infosys closing the gap with Cognizant in terms of revenues
2 years, 1 month ago

Infosys closing the gap with Cognizant in terms of revenues

Live Mint  

Cognizant's September 2022 quarter revenue growth of 5.6% was below guidance of 7.5-8.5% as execution challenges hit performance. Cognizant cuts its CY2022E revenue growth guidance to 7% from 8.5-9.5% in the June 2022 quarter, and 8.5-11.5% at the beginning of the year. "Revenue and bookings were below our expectations as company specific fulfillment challenges were compounded by the impact of …

Cognizant\'s acquisitions to strengthen digital offerings
2 years, 4 months ago

Cognizant\'s acquisitions to strengthen digital offerings

Deccan Chronicle  

HYDERABAD: Cognizant, one of the world's leading professional services companies, is looking at acquisitions in the next six months as it seeks to expand its presence in digital technologies. This year too we expect to have some movement on this front," Rajesh Nambiar, executive vice-president, chairman and managing director of Cognizant India, told Deccan Chronicle on Thursday, after announcing the …

Cognizant to Recruit 1 Lakh Employees this Year, 45,000 Freshers from India by 2022
3 years, 4 months ago

Cognizant to Recruit 1 Lakh Employees this Year, 45,000 Freshers from India by 2022

News 18  

Cognizant, the US-based information technology company is looking at hiring around one lakh people this year. Cognizant CEO Brian Humphries said, “Against this backdrop, we continue to take a series of actions to reduce attrition, including compensation adjustments, job rotations, reskilling and promotions and a host of associated engagement activities…we now expect to hire approximately 100,000 laterals in 2021 and …

Cognizant Q1 net profit up 37.6% to $505 mn
3 years, 7 months ago

Cognizant Q1 net profit up 37.6% to $505 mn

Hindustan Times  

IT company Cognizant has reported a 37.6% rise in its March quarter net income at $505 million, and said it expects its revenue to grow 7-9% during the year. The firm, which has about 200,000 employees based in India, saw its March 2021 quarter revenue growing 4.2% to $4.4 billion over the year-ago period. Cloud migration and digital adoption create …

Grappled by Covid-19 Crisis, Cognizant Laid Off Over 10,000 Employees in Q2 2020
4 years, 4 months ago

Grappled by Covid-19 Crisis, Cognizant Laid Off Over 10,000 Employees in Q2 2020

News 18  

As global software major Cognizant implements a programme to improve cost structure amid Covid-19 and optimises its team, the headcount of the company reduced by 10,500 in the second quarter of this year as compared to the previous quarter. The voluntary attrition in the company declined to 10.5 per cent in Q2 of this year, revealed Cognizant CEO Brian Humphries …

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