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Nirmal Bang Report
Post a disappointing Q3 CY22 revenue performance, Cognizant Technology Solutions lowered its CY22 revenue guidance (organic constant currency terms) to 6% which is 200 basis points/300 bps lower than its guidance issued three/six months back.
A lot of this it says is due to inability to staff projects in the North America which we believe is company specific. While staffing onsite has been a challenge for all its tier-I peers leading to higher subcontractor costs none of them ever indicated loss of business due to this.
We believe significant layoff of staff in the first nine months of 2020 (unlike many of its peers) due to onset of the pandemic and the ransomeware attack and the considerable churn at the senior management levels in the company over the last 24 months has probably impaired the ability of Cognizant to attract and retain staff.
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