Once considered a worthy competitor to the likes of Accenture and IBM, investors of Cognizant got a rude shock last week when the company guided its worst-ever revenue growth since inception.
The market was not able to come to terms with the changes, given that the top management of the US-based information technology (IT) services firm had painted a rosy picture on its growth prospects just a quarter back. Explaining the rationale behind such a drastic shift, industry experts said the change in the business model, with focus on margins after activist hedge fund Elliott came on board, ...
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