Globant SA (NYSE:GLOB), information technology services provider, stock fell 2.97% (As on Nov 19, 11:33:05 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 21. Cash and cash equivalents and Short-term investments were $482.6 million as of September 30, 2021, which represents an increase of $184.4 million from $298.2 million as of December 31, 2020. As of September 30, 2021, the credit facility was fully undrawn. Globant has completed the third quarter of 2021 with 21,849 Globers, 20,573 of whom were technology, design and innovation professionals. The geographic revenue breakdown for the third quarter of 2021 was as follows: 65.2% from North America (top country: US), 22.0% from Latin America and others (top country: Argentina), 11.1% from Europe (top country: Spain) and 1.7% from Asia (top country: India). In terms of currencies, 74.8% of Globant’s revenues for the third quarter of 2021 were denominated in US dollars. Globant’s top customer, top five customers and top ten customers for the third quarter of 2021 represented 11.5%, 27.6% and 39.7% of revenues, respectively. During the twelve months ended September 30, 2021, Globant served 1,018 customers and continued to increase its wallet share, having 162 accounts generating more than $1 million of annual revenues, compared to 118 for the same period one year ago. The company has recently announced new digital Studios, such as the Metaverse studio, and intends to continue expanding the capabilities, including the new Reinvention Studios focused on disruptive industries.

GLOB in the third quarter of FY 21 has reported the adjusted earnings per share of 98 cents, beating the analysts’ estimates for the adjusted earnings per share of 93 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 65 percent to $341.8 million in the third quarter of FY 21, beating the analysts’ estimates for revenue of $327.4 million. The company delivered Non-IFRS Adjusted Gross Profit Margin was 39.8% compared to 39.0% in the third quarter of 2020 and Non-IFRS Adjusted Profit from Operations Margin was 16.5% compared to 15.3% in the third quarter of 2020.

For the fourth quarter ending in December, Globant expects its per-share earnings to be $1.01. The company expects revenue to be in the range of $359 million for the fiscal fourth quarter. Fourth quarter 2021 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 16%-17%.