Friday, June 2, 2023 4:48 pm

Cognizant to Lays Off 3,500 Employees as Revenue Expectations for 2023 Fall

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Leading multinational IT giant Cognizant has announced that as part of its reorganisation efforts, it will lay off around 3,500 employees. The move comes as the corporation faces hurdles in an ever-changing technological context.

Employees from numerous locations and divisions, including mid-level managers and engineers, will be laid off. According to Cognizant, the move is intended to streamline operations and reduce expenses, which it feels would help it remain competitive in the market.

Furthermore, the company has stated that it expects its revenue to fall slightly in 2023. This is due to a variety of variables, including pricing pressures, technological advancements, along with competition from other companies in the industry.

Cognizant has indicated that it is addressing these difficulties by investing in new technology and capabilities as well as strengthening its operations. The company remains committed to providing value to its clients and shareholders and believes that these changes will strengthen it.

Employees and industry experts are concerned about the news, which is being closely monitored. Cognizant has promised concerned employees that it will give support and help during the transition phase.

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