Cognizant's logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) - Cognizant Technology Solutions forecast full-year revenue below estimates on Tuesday, underscoring persistent weakness in demand for IT services and sending its shares down 4% in extended trading.
Businesses across sectors are cutting technology and outsourcing expenses while bringing some processes in-house, as they deal with the effects of sticky inflation and higher interest rates.
