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Globant meets 1Q profit forecasts

LUXEMBOURG (AP) _ Globant SA (GLOB) on Thursday reported first-quarter earnings of $8.9 million.

The Luxembourg-based company said it had profit of 25 cents per share. Earnings, adjusted for stock option expense, were 27 cents per share.

The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was also for earnings of 27 cents per share.

The information technology services provider posted revenue of $88.7 million in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $87.7 million.

For the current quarter ending in July, Globant expects its per-share earnings to range from 26 cents to 28 cents.

The company said it expects revenue in the range of $95 million to $97 million for the fiscal second quarter.

Globant expects full-year earnings in the range of $1.22 to $1.30 per share, with revenue ranging from $386 million to $394 million.

Globant shares have increased 12 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $37.27, increasing slightly in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GLOB at https://www.zacks.com/ap/GLOB

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Keywords: Globant, Earnings Report