Cognizant Latest News: Drop Net Income By 16.7% Still Hiring 20k Freshers: Great Chance To Start a Career In Cognizant
Is it a good option to get started with Cognizant careers as, IT major Cognizant has reported a 16.7% drop in its March quarter net income at $367 million and said it expects a challenging demand environment throughout 2020 amid the coronavirus pandemic. Cognizant follows January-December as a financial year. Its net profit was at $441 million in the March 2019 quarter.
Cognizant careers: How many employees will be hired?
The company said it would continue to invest in enhancing its digital skills. It also said: “We will continue to build out our commercial team and correct the employee pyramid by onboarding approximately 20,000 entry-level hires.”
Another Cognizant latest news that Cognizant careers projected margins remain below 16-17% in 2020. The second quarter (April-June 2020) including a $50-70 million impact due to the Maze ransomware attack. Apart from business demand uncertainty and increased costs due to the COVID-19 pandemic. “Since becoming aware of the attack, the company has taken decisive actions to remediate the threat while keeping clients regularly informed. The company believes these measures enabled it to continue its operations in a timely and secure manner,” it said.
CEO Brian Humphries, however, noted several positives for the company. He said the company has low exposure to sectors that have been hit the most by the pandemic – travel & hospitality, retail, auto, energy, and media & entertainment. On the contrary, it has a big exposure to healthcare and life sciences, which are already spending more on IT and technology.
Cognizant CEO said, “The quarterly revenue was at $4.2 billion, up 2.8% (3.5% rise in constant currency) from the year-ago period. “We executed well in what was a challenging quarter, and posted our strongest quarterly signings since 2017”.
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