/PRNewswire/ Cognizant (Nasdaq: CTSH), one of the world s leading professional services companies, today announced its third quarter 2021 financial results..
/PRNewswire/ Cognizant (Nasdaq: CTSH), a leading provider of information technology, consulting, and business process services, today announced details for.
/PRNewswire/ Cognizant (Nasdaq: CTSH), a leading provider of information technology, consulting, and business process services, today announced details for.
Synopsis
The Nasdaq-listed company reported an attrition rate of 31% in the second quarter, the highest among IT services companies in the three-month period ended June 30.
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Cognizant s revenue of $4.6 billion grew 14.6% year-on-year (12.0% in constant currency) in the second quarter, its best quarterly revenue so far.
Chennai:Cognizant Technology Solutions Corp. raised its revenue growth guidance into double digits due to strong demand for its services, but attrition remains a key concern for the US-based company that has over two thirds of its employees in India.
The Nasdaq-listed company reported an attrition rate of 31% in the second quarter, the highest among IT services companies in the three-month period to June 30. In the previous quarter, Cognizant clocked a quarterly annualised attrition rate of 21%. Voluntary attrition in the second quarter stood at 29%. The company has over 301,200 employees.
Cognizant posts record-high attrition in April-June quarter even as revenue growth picks up
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Cognizant posts record-high attrition in April-June quarter even as revenue growth picks up
Sindhu Hariharan / TNN / Jul 29, 2021, 09:28 IST
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CHENNAI: IT major Cognizant on Thursday posted 12% revenue growth year-on-year in constant currency terms and around 4.5% in sequential terms for the April-June quarter.
Even as the company beat street estimates in terms of revenue growth and increased its outlook for the year, a hot tech job market is impacting the IT bellwether adversely as it reported life-time high attrition levels in the quarter.
Quarterly annualised attrition stood at 31% compared to 21% in the previous quarter and 24% in the same quarter last year. Further, voluntary attrition (annualised) stood at 29% compared to 18% in March and 11% in the same period last year.