Revenue soaring as demand for digital services rising

Fresh from reporting soaring third quarter revenue performance, Argentinean information technology (IT) giant Globant is painting a bullish outlook for the fourth quarter.

The company is reporting US$340 million in revenue for the third quarter ending September 30, 2021, representing a 65 per cent increase year-over-year, which has seen the Argentinean IT provider capitalising on the growing demand for digital transformation services in the Americas.

Nearly 40 per cent of its revenue is coming from ten top customers, based on the company’s latest quarterly statement. The records show that the United States has remained Globant’s major source of clients, accounting for 60 per cent of its revenue.

As its revenue is growing so too is its staff compliment, as the company added 2,223 IT professionals to its payroll during the last quarter. Some analysts expect the company’s total workforce to reach 25,000 by the end of this year.

In the meantime, co-founder and CEO Martín Migoya has delivered a bullish outlook in his recent call with market analysts.

“We expect to close this year with over 56 per cent annual revenue growth, the highest in our history as a publicly-traded company,” Migoya advised shareholders.

In recent months, Globant is establishing digital studios one after another in an apparent bid to sharpen its expertise in product design, one of the high revenue-yielding domains in the IT services industry. Weeks ago, Globant bought Atix Labs, a blockchain solutions maker with operations in Argentina, Uruguay, and the United States.

In addition, the Argentinian IT company purchased a business process outsource provider called Navint with around 130 employees in the United States and United Kingdom.

Migoya has informed investors that Globant had recently opened an innovation centre in the Uruguayan city of Maldonado, with plans to hire 150 professionals.