Cognizant Withdraws FY20 Guidance, Draws on Credit Line to Boost Financial Flexibility | In the News

Bengaluru/Mumbai: Cognizant will miss the top end of its first-quarter revenue outlook and the IT services firm withdrew its full-year guidance, as the Covid-19 pandemic takes a toll on its business. The company also drew down on $1.74 billion in debt to boost its financial flexibility and has stopped share buyback.

“The major concern is the longer lasting impact or the tail, we can be certain that there will be a tail however, so much depends on how quickly the global economy recovers,” said Peter Bendor-Samuel, the chief executive of US-based IT advisory and research firm Everest Group.

Read more in Economic Times

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