Globant, the Buenos Aires-based information technology provider, saw a surge in its shares following the release of its robust second-quarter results and optimistic outlook for the remainder of the year.
Despite a 21% decline over the past 12 months, the company’s stock is up by 11% at $180.66 during early trading and has shown positive growth year-to-date.
Strong Revenue Projections
Globant announced that it expects third-quarter revenue to grow approximately 19% to at least $545 million, exceeding analyst expectations of $533.9 million, according to FactSet.
For the full year, the company is targeting adjusted earnings of $5.72 per share on $2.09 billion in revenue, surpassing previous analyst projections of adjusted earnings of $5.71 per share on $2.07 billion in revenue.
Globant reported second-quarter earnings of $36.9 million, or 85 cents per share, compared to $37.2 million, or 87 cents per share, during the same quarter last year. Adjusted earnings, which exclude one-time items, stood at $1.36 per share, slightly above the consensus among analysts polled by FactSet.
The company’s quarterly revenue reached approximately $497.5 million, nearly $1 million higher than the market consensus.