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Globant shares rise as Q3 results meet expectations, guidance solid

EditorRachael Rajan
Published 15/11/2024, 08:36 am
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NEW YORK - Globant S.A. (NYSE: GLOB) shares gained 2.79% in after-hours trading on Thursday after the digital technology services provider reported third-quarter results that met analyst expectations and issued solid guidance for the fourth quarter.

The Luxembourg-based company posted adjusted earnings per share of $1.63 for Q3, in line with the consensus estimate. Revenue rose 12.7% year-over-year to $614.7 million, just shy of analysts' forecast of $614.82 million.

For the fourth quarter, Globant expects adjusted EPS of $1.71 to $1.75 on revenue between $642 million and $648 million.

"As we reflect on another remarkable quarter, I am thrilled to share that Globant continues on a trajectory of strong growth, solidifying our role as an industry leader," said Martín Migoya, Globant's CEO and co-founder. He noted that AI-related initiatives have increased 120% YoY, enhancing capabilities and driving productivity gains.

The company's non-IFRS adjusted profit from operations margin expanded to 15.6% in Q3 from 15.3% a year earlier. Globant served 969 customers with revenues over $100,000 in the last twelve months, up from 889 in the same period last year.

Looking ahead, Globant forecasts full-year 2024 revenue of $2.415 billion to $2.421 billion, implying 15.2% to 15.5% growth. The adjusted profit from operations margin is expected to be 15.0% to 15.5% for the year.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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