Veteran IT company Cognizant has decided to lay off 3,500 employees. Apart from this, the company will also close some of its offices to reduce expenses. Cognizant is a US company but has a major part of its operations in India. The recession prevailing in European countries including America has affected the earnings of IT companies. At present there are 3 lakh 55 thousand 300 employees in Cognizant.
Cognizant reported a marginal 3% increase in profit on a year-on-year basis. At the same time, the company's revenue came to $ 4.81 billion. Revenue declined by 0.3% year-on-year.
Facebook, Instagram and WhatsApp's parent company Meta will lay off 10,000 employees. This retrenchment will start from this month i.e. May. Meta had earlier laid off 11,000 employees, which was 13% of the entire workforce.
Tech company International Business Machines Corp (IBM) is planning to stop hiring and develop AI jobs. The company's CEO Arvind Krishna revealed the company's plan in an interview to Bloomberg. Arvind had said that the company currently has about 26,000 workers in non-customer facing roles. I see 30% of employees being replaced by AI and automation in the next 5 years. This means IBM can replace about 7800 employees with AI.
Similarly, America's giant mass media and entertainment company Walt Disney has also started the second round of layoffs. About 4,000 employees will lose their jobs in this round of layoffs. Earlier this year, Disney fired 7,000 employees.