Cognizant Q1FY24 highlights, headcount declines by 7,100 people

Cognizant, one of the world’s leading professional services companies, has announced its first quarter 2024 financial results.

Key Highlights

• Drop in Headcounts 3,300 sequentially and 7,100 from Q1 2023
• The attrition rate stood at 13.1% for Q1FY24
• Revenue of $4.8 billion declined 1.1% year-over-year
• Bookings in the first quarter declined 6% year-over-year
• On a trailing-twelve-month basis, bookings grew 1% year-over-year to $25.9 billion

Cognizant total headcount stood at 344,400 during the end of the first quarter, which decreased by 3,300 sequentially from Q4 2023. This headcount decreased by 7,100 from Q1 2023.

On the other end, the voluntary attrition of Tech Services on a trailing twelve-month basis was 13.1% as compared to 23.1% for the period ended March 31, 2023.

On the other hand, Tech Mahindra reported a net employee decline of 795 sequentially for the fourth quarter ended March 31. The total headcount stood at 145,455, marking a 1% decline QoQ and a 4.6% decrease YoY.

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Wipro reported a net reduction of 6,180 employees, total headcount at the end of March 2024 stood at 234,054. The company’s headcount was reduced by 24,516 in FY24.

In the January-March period, Tata Consultancy Services (TCS) saw a sequential decrease in headcount by 1,759 employees and the total workforce stood at 6,01,546 as of March 31, 2024.

In Q4FY24 and FY24, Infosys witnessed decreased hiring compared to previous quarters and fiscal years, reflecting a shifting trend.

Despite a 1.4% year-on-year revenue increase in constant currency. In Fiscal Year 24, Infosys’s headcount dropped by 25,994 YoY basis.

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