Q2 2024 Globant SA Earnings Call Transcript
Key Points
- Q2 revenue totaled $587.5 million, up 18.1% year-over-year and almost 3% quarter-over-quarter.
- AI-related revenues grew close to 130% in the first half of 2024 compared to the same period last year.
- Globant presented its own AI agents to enhance the software development lifecycle, leveraging years of investment in AI platforms.
- The company has reached its 10th anniversary as a public company, delivering over 1,800% in shareholder returns and 15x revenue growth since its IPO.
- Globant's global revenue stream is the most diverse it has ever been, with significant growth in Europe (44.7% year-over-year) and other regions.
- The professional services sector remains a laggard, impacting the performance of some top customers.
- Despite strong growth, the company faces FX headwinds, particularly from currency depreciation in Colombia, Mexico, and Brazil.
- Scaling generative AI projects beyond proof of concept remains a challenge due to complexities in data stack compatibility and enterprise-grade implementation.
- The technology and telecommunications sector has only recently stabilized after several quarters of underperformance.
- Attrition rates, while improved, still pose a potential risk as the demand for developers remains high.
Good day, and welcome to Globant's second quarter 2024 earnings conference call. I am Arturo Langa, Investor Relations Officer, at Globant. (Event Instructions) Please note this event is being recorded and streamed live on YouTube. By now, you should have received a copy of the earnings release. If you have not, a copy is available on our website, investors.globant.com.
Our speakers today are Martin Migoya, Co-Founder and Chief Executive Officer; Juan Urthiague, Chief Financial Officer; Patricia Pomies, Chief Operating Officer, and Diego Tártara, Global Chief Technology Officer.
Before we begin, I would like to remind you that some of the comments on our call today may be deemed forward-looking statements. This includes our business and financial outlook and the answers to some of your questions. Such statements are subject to the risks and uncertainties as described in the company's earnings release and other filings with the SEC.
Please note that we follow IFRS accounting rules in our financial statements. During our call today,
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