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IT major, Cognizant has described some surprising statistics in its annual report. It revealed that the annual attrition rate of the company in the last quarter of 2020 touched 19%. One may think that the unemployment caused because of the pandemic might have reflected on Cognizant's attrition rate.
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BENGALURU: Cognizant's annualised attrition rate in the December quarter was 19%, one of the highest among the large IT companies. Attrition for most Indian peers were in low double digits, primarily due to the weak job market created by the pandemic.
Shareholders might have noticed that Cognizant Technology Solutions Corporation (NASDAQ:CTSH) filed its yearly result this time last week. The early response was not positive, with shares down 4.4% to US$74.50 in the past week. Revenues were in line with forecasts, at US$1
Analysts tracking Cognizant's performance have said that the company is yet to see the results of the decisions taken by CEO Brian Humphries, who joined Cognizant in 2019. "Since the new CEO Brian Humphries joined, the results have not come yet. The company has been plagued with one or the other issue over the past year...
Analysts tracking the performance of Cognizant Technology Solutions said the company must quickly overcome a "difficult period" it had been facing over the past year after its December quarter results did not match industry peers. "Since the new CEO Brian Humphries joined, the results (of his decisions) have not come yet.
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BENGALURU: Cognizant has exited a large customer engagement in Continental Europe - Samlink, the Finnish IT developer of services and solutions for the financial sector. Cognizant had acquired Samlink in 2019 as part of a deal to build and operate a shared core banking platform.
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Chennai: India, home to more than 2,00,000 Cognizant employees will see more than 23,000 campus recruitments in 2021, a senior company official said. "We hired more than 17,000 people from campuses in 2020. And we expect to hire more than 23,000 in 2021. That's about 35% more than what we did last year.
It is hard to get excited after looking at Cognizant Technology Solutions' (NASDAQ:CTSH) recent performance, when its stock has declined 6.2% over the past month. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Cognizant Technology Solutions' ROE today.
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Cognizant will invest more than $1 billion on M&A deals this year, CEO Brian Humphries says, even as the IT services firm maintained a conservative revenue growth guidance for the ongoing fiscal. Cognizant Technology Solutions Corp.
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