Globant 1Q Review: Solid Qtr. with Early Proof Points from AI Pod Strategy & Maintained 2026 Guide

研报英文原文证据摘录

Globant 1Q Review: Solid Qtr. with Early Proof Points from AI Pod Strategy & Maintained 2026 Guide

J P M O R G A N North America Equity Research

15 May 2026

Globant Neutral

GLOB, GLOB US

1Q Review: Solid Qtr. with Early Proof Points from AI Price (14 May 26):$34.08

Pod Strategy & Maintained 2026 Guide ▼Price Target (Dec-26):$47.00 Prior (Dec-26):$62.00

Globant reported results that exceeded expectations/guidance on revenue, helped

by solid sequential revenue performance across all client sizes, and guided to Payments, Processors & IT Services

sequential growth in 2Q, making 1Q a trough as GLOB fights through a weak Tien-tsin Huang, CFA AC

bookings pocket from 1H25. GLOB issued 2Q guidance that bracketed consensus (1-212) 622-6632

and reiterated the midpoints of its 2026 guidance ranges (revenue slightly tighter, tien-tsin.huang@jpmorgan.com

adj EBIT margin and adj EPS reiterated), choosing not to flow through the 1Q beat Puneet Jain

which seems prudent considering Middle East exposure (not seeing business (1-212) 622-1436

puneet.x.jain@jpmorgan.com

impact so far). The company called out real momentum in its AI Pods business unit,

Brendan Biles

which offers cutting-edge AI services to many of its top clients. Revenue

(1-212) 270-0880

contribution from AI Pods remains small at $33M ARR, though growth is brendan.biles@jpmorgan.com

significant, bookings are strong, and the initiative is critical to the company's Abbey Hochreiner

strategy w/ accretive margins. Gross margins landed on the lower end of (1-212) 270-5798

expectations, driving adj EBIT margin to the lower end as well, which the company abbey.hochreiner@jpmchase.com

attributed to adverse LatAm FX. Gross margins will be important to watch moving J.P. Morgan Securities LLC