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Globant Beats Expectations, Issues Strong FY 2016 Guidance

After the close of Wednesday's session, Globant SA GLOB 1.6% reported Q2 adjusted EPS beat of $0.29 versus expectations of $0.28. Sales of $79.9 million beat expectations of $76.81 million.

Looking out to Q3, Globant expects EPS to be $0.27 to $0.31 versus estimates of $0.32. Sales are expected to be $80 million to $82 million versus estimates of $79.77 million.

For FY 21016, Globant sees EPS $1.14 to $1.20 versus estimates of $1.16. Sales are expected to be $318 million to $322 million versus estimates of $313.54 million.

CEO Martin Migoya said, "We are very pleased with our second quarter performance. We continue to experience strong momentum in the business. Our revenues increased to a record $79.9 million, a solid 31.9% year-over-year growth."

Globant shares closed Wednesday's session down $0.69 or 1.60 percent to $42.33. Globant first started publicly trading on July 18, 2014 at $12.95, above the initial pricing of $10.

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