Cognizant says it is firing 3,500 employees and closing some offices to save cost.

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.

Here are some key points to summarize the article:

• Cognizant is letting go of 3,500 employees and cutting down on office space to reduce costs.
• CEO Ravi Kumar S aims to revive the company and compete with other tech giants such as Infosys, Accenture, and TCS.
• The company's margins are amongst the lowest in the industry at 14.6 percent, and its revenues are expected to decline in 2023.
• It is unclear how many people in India will be impacted by the decision.
• Cognizant is not the only tech company that has announced layoffs recently, with companies like Wipro, Amazon, and Google also making job cuts.
• The tech sector is going through a rough time, and many people are looking for new roles after being affected by mass layoffs.