Nasdaq-listed Cognizant made news for its record attrition rate and extraordinary hiring goals even as the company revised its financial year revenue guidance upwards to 9-10 per cent in constant currency basis on Thursday. The information technology (IT) services major, which follows a January-December FY cycle, had earlier projected a growth of 5.5-7.5 per cent for the year.
For the quarter ended June 30, it posted a 12 per cent growth in revenue at $4.6 billion surpassing its guidance of 8.9-9 per cent for Q2. Digital revenue, constituting 44 per cent of the total pie, has grown 20 per cent year on year. The company has spent $2 billion since 2019 to bolster its cloud and digital play through acquisitions. Except financial services, growth for the quarter was broad-based with all verticals reporting a double digit growth year on year.
But, the company’s annualized quarterly attrition at 31 per cent prompted analysts to question Cogni
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
Or