Technology services and consulting company Cognizant is set to lay off around 3,500 employees, approximately 1% of its global workforce, and reduce office space in an effort to cut costs.
Despite the company reporting a 3% increase in net profit year-on-year, Cognizant was “carefully monitoring what remains an uncertain macroeconomic environment and with its potential for shifts in client priorities,” said CEO Ravi Kumar on a call with analysts after Cognizant released its first quarter 2023 financial results.
