Anika Begay
LUXEMBOURG – Shares of Globant (NYSE:GLOB) gained 5.4% after the digital technology services provider reported second-quarter results that beat analysts’ expectations and provided a solid 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 above the $586.68 million analysts had expected.
“We achieved revenues of $587.5 million, up 18.1% year-over-year, driven by a strong performance,” said Juan Urthiague, CFO of Globant. “Our ability to maintain high profitability, despite the challenging economic environment, is a reflection of our operational efficiency.”
For the third quarter, Globant expects revenue in the range of $611 million to $617 million, representing growth of 12.1% to 13.2% year over year. The company expects third-quarter adjusted EPS of $1.60 to $1.64.
For the full year 2024, Globant forecasts revenue of $2.407 billion to $2.421 billion, implying annual growth of 14.8% – 15.5%. It projects adjusted EPS of $6.30 – $6.50 for the year.
The company has shown strong growth in AI-related revenue, which increased nearly 130% in the first half of 2024. Globant served 958 customers in the last 12 months, with 329 generating more than $1 million in annual revenue.
This article was generated with the help of AI and reviewed by an editor. For more information, please see our T&Cs.
