Cognizant Q1 profit up 3%; personnel-related action to impact 3,500 staff ...Middle East

IT services company Cognizant posted a 3 per cent year-on-year rise in net income for the January-March quarter, gave muted guidance for the full year 2023 revenue and said its new 'NextGen programme' aimed at simplifying operating model and optimising corporate functions will impact nearly 3,500 employees. The drive for simplification will include operating with fewer layers in an effort to enhance agility and enable faster decision-making, the company said about the 'NextGen programme'. The net income rose to USD 580 million during the three months ended March 31, 2023, against USD 563 million in the year-ago period. The revenue dipped marginally to USD 4,812 million in the just-ended quar

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