Globant Shares Slide After Q2 Results, Clocks ~41% Revenue Growth

Globant SA GLOB reported second-quarter revenue growth of 40.6% year-over-year to $429.3 million, beating the consensus of $425.55 million.
Adjusted EPS was $1.22, beating the consensus of $1.19.
The adjusted gross profit margin was 39.1% compared to 39.3% in 2Q21, and the adjusted profit from operations margin was 16.1% compared to 16.2%.
Cash flows from operating activities for the quarter totaled $44.98 million, compared to $28.12 million in 2Q21.
GLOB's cash and cash equivalents and Short-term investments were $361.7 million as of June 30, 2022.
Globant's top customers, top five customers, and top ten customers for the second quarter of 2022 represented 10.5%, 25.7%, and 36.7% of revenues.
"Business leaders are seeking new and improved ways to reach broader audiences and gain efficiencies. To address this demand, we have recently launched our new Retail and Automotive Studios, which will expand the scope of our offerings, and our new Fast Code Studio, addressing a profound transformation in software development," stated Martín Migoya, Globant's CEO and co-founder.
3Q22 Outlook: Globant expects revenue of ~$456 million vs. a consensus of $455.89 million. Adjusted Profit from Operations Margin of 16%-17%.
It sees Adjusted EPS of at least $1.24 vs. a consensus of $1.24.
FY22 Outlook: The company sees Revenues of at least $1.775 billion vs. a consensus of $1.77 billion. Adjusted Profit from Operations Margin of 16%-17%.
It sees Adjusted EPS of at least $5.03 vs. a consensus of $4.99.
Price Action: GLOB shares are trading lower by 4.29% at $220 during the post-market session on Thursday.

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