IT giant Cognizant to hire 1 lakh employees on the back of strong second quarter results

Cognizant Technology Solutions (CTS) will be hiring about one lakh lateral employees from the industry and train close to one lakh associates, owing to a strong performance in the second quarter that ended on June 30, and an improved business environment. In addition to this, the company is also expecting to onboard 30,000 new graduates in 2021 and make 45,000 offers to new graduates in India for 2022, said CEO Brian Humphries during the second-quarter earnings call.

Cognizant now employs over 3,00,000, its highest. The US-based IT major has a majority of its employees working in India.

Exceptional second-quarter results

During the second quarter ended June 30, the IT major posted a 15% growth in revenue to $4.6 billion.  This was the highest ever quarterly revenue and also the highest quarterly growth in terms of percentage since 2015. It had also beaten the quarterly expectations of $125 million in revenue, according to the press release from the company. Its digital revenue grew by 20% YoY, the release added.

Jan Siegmund, CFO, Cognizant said that the second-quarter results were driven by improved demand for services and momentum in digital revenue.

The company has revised its revenue targets to $18.4-$18.5 billion or a growth of 10.2-11.2% as against $17.8-$18.1 billion or a growth of 7-9% announced during the first quarter results. The CEO also added that the voluntary attrition had risen by 29% on an annualised basis or 18% on a trailing twelve-month basis which was expected.