GLOB - Why Globant Stock Soared Today
2023-05-19 16:13:55 ET
Globant (NYSE: GLOB) stock posted big gains Friday following the company's first-quarter earnings release. Globant's share price ended the day up 11.1%, according to data from S&P Global Market Intelligence .
Globant recorded sales and earnings in Q1 that came in ahead of Wall Street's targets. The software specialist posted non-GAAP (adjusted) earnings per share of $1.28 on revenue of $472.42 million, beating the average analyst estimate for per-share earnings of $1.27 and sales of $471.07 million.
Globant's revenue grew 17.7% year over year in the first quarter, which came in ahead of the market's expectations. Earnings for the period also topped Wall Street's target, but the company's adjusted gross margin of 38.2% was down from 39.5% in the prior-year period, and its adjusted operating income fell to 15.1% from the margin of 16.8% that it posted in Q1 last year.
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Why Globant Stock Soared Today