BUSINESS

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BUSINESS

Cognizant to axe 3,500 employees

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Cognizant layoff

Cognizant plans to lay off 3,500 employees over two years. The layoffs are aimed at cutting the operational costs of the company.

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Revenue declined

Cognizant's net profit increased by 3% YoY to $580 million in Q1, with an 11.2% MoM growth. Its revenue, however, declined 0.3% YoY.

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Glum guidance

Cognizant's 2023 guidance remains glum, with an expected revenue decline of 1.2% to a growth of 0.8%. Second-quarter revenue is also expected to fall by 1%.

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NexGen program

Layoffs are part of Cognizant's NexGen program to simplify operations. The company will also cut $100m in real estate costs by 2025.

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Reasons

IT services companies worldwide have been struggling due to economic headwinds and recessionary fears. Businesses have reduced discretionary spending.