Cognizant, a US-based IT company, is reportedly laying off 3,500 employees and cutting down on office space to reduce costs. The decision was revealed by the company's CEO, Ravi Kumar S, who aims to revive the company and face competition from other tech giants such as Infosys, Accenture, and TCS. According to a Moneycontrol report, the company will also be giving up 11 million sq feet in office space. The company's margins are amongst the lowest in the industry at 14.6 percent, and its revenues are expected to decline in 2023.
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