IT Services: Key takeaways from the first three weeks of the earnings season

研报英文原文证据摘录

IT Services: Key takeaways from the first three weeks of the earnings season

27 July 2026

European Technology/Software

IT Services: Key takeaways from the first three weeks of the

earnings season

While Indian IT services companies kicked off the earnings season in early July, some Derric Marcon

+33 1 58 98 06 30 European firms in the sector released their revenue or earnings figures last week. Further

derric.marcon@bernsteinsg.com announcements are still expected from Indian (KPIT, Persistent, etc.), European (Capgemini,

Sopra Steria, Alten, Neurones, Wavestone, etc.), and US (DXC, Kyndryl, Cognizant, Epam,

Richard Nguyen Globant, etc.) companies. However, we can already draw some interesting insights from the

+33 1 42 13 54 22

richard.nguyen@bernsteinsg.com reports released so far—representing about 20 of the 50 companies we monitor closely. To

our minds, the most striking aspect is the positive impression left by these announcements

Specialist Sales —an impression that stands in stark contrast to the one Accenture left us with in late June.

Our main takeaways are as follows.

Kiran Shah, CFA

+44 20 3547 1533

kiran.shah@bernsteinsg.com Stock price reactions: less volatile so far this quarter. Even when earnings releases fell

short of expectations, the market reaction was more muted than in previous quarters (e.g.

Wipro, Tieto). Does this mean a bottom has been reached? The question is worth asking.

The "Great Replacement" theory: invalidated by net staff hiring figures. Overall, IT

services firms continued to show positive net hiring this quarter. While the need to reskill

and adapt their workforce is very real, they still require more qualified engineers to sustain

their growth. This confirms the macroeconomic employment figures we have seen coming

out of the US.