Cognizant expects to lose between $50m and $70m following ransomware attack

Catalin Cimpanu reports:

IT services provider Cognizant said in an earnings call this week that a ransomware incident that took place last month in April 2020 will negatively impact its Q2 revenue.

“While we anticipate that the revenue impact related to this issue will be largely resolved by the middle of the quarter, we do anticipate the revenue and corresponding margin impact to be in the range of $50 million to $70 million for the quarter,” said Karen McLoughlin, Cognizant Chief Financial Officer in an earnings call yesterday.

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