Cognizant Withdraws 2020 Forecast On Coronavirus Uncertainty

Cognizant Technology Solutions Corp said on Thursday it was withdrawing its forecast for the year due to the uncertainties caused by the coronavirus pandemic.

The company said the outbreak increasingly affected its business in late March, mainly due to project delays in India and the Philippines, where employees shifted to work-from-home.

Cognizant said reduced client demand, primarily in the travel and hospitality industries, also impacted its business.

"Entering the second quarter, Cognizant expects the pandemic to further reduce client demand as its societal and economic impact causes broader disruptions across industries," it said in a statement.