TryGOLD- Free

Cognizant to lay off 3,500 employees
Financial Express Mumbai|May 05, 2023
REVENUES DECLINING FOR PAST 3 QUARTERS
- SAMEER RANJAN BAKSHI
Cognizant to lay off 3,500 employees

NEW JERSEY-HEADQUARTERED IT SERVICES company Cognizant, which has been seeing its revenue declining marginally for the last three quarters, announced that it will lay off 3500 employees (1% of its workforce) to help strengthen its declining margins. The IT firm is also looking to give up office spaces to conserve cash.

The company saw its operating margin below 15% at 14.6% during the January-March quarter. For the full year, it gave an operating margin guidance in the range of 14.2-14.7%.

The IT giant's total headcount at the end of Q1FY23 was 351,500, a decrease of 3,800 from Q4 of 2022. Attrition declined to 23% from 26% in Q4 of 2022 and 30% in Q1 of 2022. Net cash from operating activities increased to $729 million at the end of Q1FY23, compared to $309 million a year ago and $702 million in Q4FY22.

This story is from the May 05, 2023 edition of Financial Express Mumbai.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Cognizant to lay off 3,500 employees
Gold Icon

This story is from the May 05, 2023 edition of Financial Express Mumbai.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FINANCIAL EXPRESS MUMBAIView All
Financial Express Mumbai

Lanka project not cancelled: Adani

TARIFF REVIEW PART OF STANDARD PROCESS: GROUP

time-read
1 min  |
January 25, 2025
Financial Express Mumbai

Equity indices report losses for third consecutive week

@Investor wealth shrinks by ₹9.2L cr over the week

time-read
1 min  |
January 25, 2025
Financial Express Mumbai

No tax liability on receiving money from NRI relative

@YOUR QUERIES: INCOME TAX

time-read
1 min  |
January 25, 2025
Financial Express Mumbai

ECB repayment turns dearer for India Inc as rupee falls

THE FALL IN the rupee's value is expected to increase the financial burden on Indian companies that have borrowed funds from overseas lenders.

time-read
3 mins  |
January 25, 2025
Financial Express Mumbai

Amul reduces milk prices by ₹1

GUJARAT COOPERATIVE MILK Marketing Federation (GCMMF), which markets dairy products under the Amul brand, has reduced milk prices by ₹1 per litre across India. However, the reduction in prices is only for one-litre packs.

time-read
1 min  |
January 25, 2025
Financial Express Mumbai

Roadster-ready, or scrambling for adventure?

SCRAM 440 vs GUERRILLA 450

time-read
1 min  |
January 25, 2025
Financial Express Mumbai

Flash PMI at 14-month low as services slump

The HSBC FLASH India Composite Output Index, or Flash PMI, fell to a 14-month low of 57.9 in January from 59.2 in December, due to weak expansion in services activity, a release by S&P Global said.

time-read
1 min  |
January 25, 2025
Financial Express Mumbai

Davos meet ends, leaders call for rule-based trading

The World Trade Organisation on Friday pitched for strengthening the rule based multilateral trading system in view of increasing geopolitical tensions, economic fragmentation and threats of unilateral measures.

time-read
1 min  |
January 25, 2025
Financial Express Mumbai

Al videos from China are coming for the world

CHINESE ARTIFICIAL INTELLIGENCE companies are laser-focused on closing the development gap with the US. Despite Washington's efforts to hold the industry back, it's proving it can stay competitive with Silicon Valley.

time-read
3 mins  |
January 25, 2025
Financial Express Mumbai

OpenAI faces another copyright case in India

INDIAN BOOK PUBLISHERS and their international counterparts have filed a copyright lawsuit against OpenAI in New Delhi, a representative said on Friday, the latest in a series of global cases seeking to stop the ChatGPT chatbot accessing proprietary content.

time-read
2 mins  |
January 25, 2025

We use cookies to provide and improve our services. By using our site, you consent to cookies. Learn more