IT consulting group Capgemini said its revenue fell 3.5 percent to 5.53 billion euros ($5.92 billion) in the first three months of 2024, against 5.73 billion euros in the year-ago period.
“As anticipated, the market continued to slow down in Q1, and we confirm the growth trough is now behind us,” Capgemini CEO Aiman Ezzat said in a statement.
“We expect the market to gradually pick up toward an attractive exit growth rate in Q4, setting up for a more tangible acceleration in 2025,” he added.
Capgemini said order bookings fell by 3.5 percent to 5.66 billion euros in the quarter.
Capgemini group’s headcount stood at 337,200 workers at the end of March, registering a decrease of 6 percent compared to same time last year.
Revenue in North America, Capgemini’s second biggest market with 28 percent of group revenues, was down 7.1 percent, after a decline of 6.6 percent during the fourth quarter of 2023.
Capgemini reiterated its outlook for 2024.
