CI&T misses earnings by $0.03, revenue beats estimates
Tech consultancy CI&T reported adjusted earnings below forecasts for Q2, though revenue exceeded market expectations amid strong demand.
CI&T Inc on Thursday reported adjusted earnings per share of $0.12 for the second quarter, missing analyst estimates by $0.03, according to Refinitiv data.
Revenue for the period rose 11.2% year-over-year to $281.5 million, topping the $275.0 million consensus estimate. The Brazil-based digital transformation consultancy attributed the revenue growth to sustained demand across its core markets in the Americas and Europe.
Net income attributable to shareholders totaled $12.3 million, down from $14.1 million in the same quarter last year. The company cited higher operational costs and investments in technology and talent as key factors weighing on profitability.
CI&T maintained its full-year guidance, reaffirming revenue growth of 10% to 12% and adjusted earnings per share in the range of $0.50 to $0.55. The outlook reflects continued client spending on digital projects despite macroeconomic headwinds.
Shares of CI&T were down 3.2% in pre-market trading following the release.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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