Globant's (GLOB) Q2 Earnings Beat Estimates, Revenues Up Y/Y

Core Viewpoint - Globant (GLOB) reported strong second-quarter 2024 results, with non-GAAP EPS of $1.51, exceeding expectations and showing year-over-year growth from $1.36 [1][2] Financial Performance - Revenues for the quarter reached $587.5 million, reflecting an 18.1% increase year-over-year, driven by growth in various business segments [2] - Adjusted net income for the period was $66.9 million, marking a 13.6% increase from the previous year [7] - Non-IFRS adjusted gross margin was 38.1%, slightly down from 38.3% a year ago, while adjusted profit from operations margin improved to 15.1% from 15% [7] Customer and Market Insights - As of June 30, 2024, GLOB served 958 customers, with 19 clients generating over $20 million in annual revenues and 329 clients contributing more than $1 million, a 16.3% increase year-over-year [3] - The company's top five customers accounted for 8.3% of revenues, while the top ten contributed 30.3% [2] Segment Performance - Media and Entertainment revenues increased by 20% year-over-year to $133.1 million, driven by growth from the Walt Disney Company [4] - Travel & Hospitality revenues surged 58.9% year-over-year to $64 million, while Consumer, Retail & Manufacturing grew 38.7% to $109.1 million [5] - Healthcare revenues declined by 1.3% year-over-year to $42.3 million [5] Geographic Distribution - North America contributed 56.3% of total revenues, with Latin America at 23%, Europe at 16.9%, and New Markets at 3.8% [6] Future Outlook - For Q3 2024, GLOB projects revenues between $611 million and $617 million, indicating a year-over-year growth of 12.1% to 13.2% [8] - Full-year 2024 revenue guidance is set between $2,407 million and $2,421 million, suggesting a growth of 14.8% to 15.5% [9]