Table of Contents
Is cognizant under loss?
Revenue for the financial year 2021 was Rs 29,682 crore, a fall of nearly 5 per cent from the revenue in the previous year. Profit after tax fell 40 per cent to Rs 3,265 crore during the fiscal year.
Is CTS a bad company?
Nasdaq-listed IT firm Cognizant is going through a bad phase in terms of employees leaving the organisation. The attrition rate of Cognizant is 33\% much more than its Indian counterparts TCS with 11.9\%, Infosys with 20.1\%….
IT companies | Share price change on October 28 |
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Mindtree | -1.12\% |
Mphasis | -1.36\% |
Why is cognizant better?
Favourable geographical focus. Cognizant earns close to 80\% revenue from the US market, which is expected to show better traction for large transformational IT outsourcing projects. It earns just over 16\% from Europe, which is growing at a slower pace due to economic slowdown in regional countries.
Why did cognizant lose $118 million in the Finland acquisition?
The acquisition gave Cognizant access to local talent pool and two delivery centres in Finland, and brought strategic partnerships with three Finnish financial institutions. Cognizant said it incurred $118 million in revenue loss due to exiting the customer and an additional expense of $33 million, primarily related to the impairment of assets.
How did cognizant’s exit from a customer affect its revenue?
Cognizant said it incurred $118 million in revenue loss due to exiting the customer and an additional expense of $33 million, primarily related to the impairment of assets. This impacted the growth in the banking and financial services vertical in the December quarter by 730 basis points.
How much did ransomware cost cognizant?
Cognizant losses from the incident are in the same range reported last year by aluminum producer Norsk Hydro, which reported that a March 2019 ransomware incident would cause total revenue losses of more than $40 million, a number it later adjusted to nearly $70 million during the year.
What’s going on with Cognizant’s bottom line?
Humphries said that Cognizant is now working to address the concerns of customers who opted to suspend Cognizant services in the wake of the ransomware attack, which also impacted Cognizant’s current bottom line. Cognizant reported a Q1 2020 revenue of $4.2 billion, up 2.8\% over Q1 2019.