Globant shares 5% as Q2 profit and higher revenue estimates, looks strong Via Investing.com
LUXEMBOURG – Globant (NYSE:GLOB) shares gained 5.4% after the digital technology services provider reported second-quarter results that exceeded analyst expectations and provided a strong outlook.
The company posted adjusted earnings per share of $1.51, beating the consensus estimate of $1.49. Revenue rose 18.1% year over year to $587.5 million, slightly more than the $586.68 billion analysts were expecting.
“We achieved revenue of $587.5 million, up 18.1% year-on-year, driven by strong performance,” said Juan Urthiague, Globant's CFO. “Our ability to maintain high profitability, despite the challenging economic environment, demonstrates our efficiency.”
For the third quarter, Globant expects revenue between $611 million and $617 million, representing 12.1% to 13.2% YoY growth. The company sees Q3 adjusted EPS of $1.60-$1.64.
For the full year 2024, Globant forecasts revenues of $2.407 billion to $2.421 billion, which means annual growth of 14.8% to 15.5%. Project adjusted EPS of $6.30-$6.50 for the year.
The company highlighted strong growth in AI-related revenue, which increased by nearly 130% in the first quarter of 2024. Globant served 958 clients in the past 12 months, with 329 generating more than $1 million in annual revenue.
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