Infosys set to pip Cognizant to become 2nd-largest IT services firm

Cognizant Technology Solutions Corp. saw its revenue slip sequentially in the October-December period and forecast business to fall further in the January-March period, helping Infosys Ltd race past the Nasdaq-listed technology firm to become the second-largest homegrown IT services firm.

Cognizant, which sacked chief executive Brian Humphries and entrusted S Ravi Kumar as his successor last month, expects revenue in the first quarter to be between $4.71 billion and $4.76 billion.

Infosys, which posted $4.66 billion in revenue in the October-December period, expects to grow between 16% and 16.5% in constant currency terms in the year ended March 2023.