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Nasdaq-listed information technology (IT) services firm Cognizant will incur the cost of $400 million over two years as it sets to restructure its operations amid sluggish growth rates. Its NextGen Program aims at simplifying the operating model, optimising corporate functions, and consolidating and realigning office space to reflect a post-pandemic hybrid work environment. As part
Nasdaq-listed information technology (IT) services firm Cognizant will incur the cost of $400 million over two years as it sets to restructure its operations amid sluggish growth rates. Its NextGen Program aims at simplifying the operating model, optimising corporate functions, and consolidating and realigning office space to reflect a post-pandemic hybrid work environment. As part of this structural shift, Cognizant will eliminate 80,000 seats, or 11 million square feet of real estate in large cities in India.
Cognizant reported a nominal 3% YoY rise in its net profit in the March quarter of FY 23. However, the company reported a 0.3% decline in its revenue $4.8 billion in the quarter under review
The company expects revenue in second quarter of current financial year to come in at e $4.83-$4.88 billion, a decline of 0.6 per cent to 1.6 per cent, or a decline of 1.0 per cent to flat in constant currency
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