Globant, a leading technology services company, has released its financial results for the second quarter of 2023, highlighting robust performance and a positive growth outlook. The company’s achievements underscore its position as a key player in the technology services industry.
Q2 2023 Financial Highlights:
Revenues surged to $497.5 million, marking an impressive 15.9 percent year-over-year growth.
Globant concluded Q2 2023 with a workforce of 25,947 employees, known as Globers. Among these, 24,163 were technology, design, and innovation professionals, reflecting the company’s commitment to talent in these critical areas.
Revenue distribution by geography for Q2 2023 was as follows: 60.6 percent from North America (primarily the US), 22.0 percent from Latin America (with Argentina as the top contributor), 14.1 percent from EMEA (led by Spain), and 3.3 percent from Asia and Oceania (led by India).
Notably, Globant’s revenue stream remained diversified, with its top customer, top five customers, and top ten customers accounting for 8.8 percent, 23.7 percent, and 33.3 percent of revenues, respectively.
Over the twelve months ending June 30, 2023, Globant catered to a total of 1,388 customers with revenues exceeding $10,000, and notably, it increased wallet share, with 283 accounts generating over $1 million in annual revenues. This is a significant growth from the 233 accounts reported for the same period one year prior.
Outlook for Q3 2023 and Full Year 2023: Globant has provided optimistic estimates for its future performance, indicating its confidence in continued growth and success:
For the third quarter of 2023, revenues are anticipated to reach a minimum of $545.0 million, indicating a substantial 18.8 percent year-over-year growth.
Looking ahead to the full year 2023, Globant projects revenues to exceed $2,094.0 million, signifying a minimum of 17.6 percent year-over-year revenue growth.
These projections reflect Globant’s commitment to innovation, exceptional service delivery, and its strategic focus on the evolving technology landscape. The company’s continued growth trajectory underscores its ability to navigate dynamic market conditions and consistently deliver value to its customers and stakeholders. As the digital transformation journey continues, Globant remains well-positioned to drive innovation and enable businesses to excel in an increasingly digital world.