Genpact Ltd (NYSE: G), a global professional services firm, saw its stock surge over 11% in early trading on Wednesday, November 8, 2024, following the company's impressive third-quarter 2024 earnings report and raised full-year guidance.
The company reported robust financial results for the quarter ended September 30, 2024, with revenue reaching $1.21 billion, up 7% year-over-year, exceeding the high end of its guidance range. Genpact's strong performance was driven by solid growth across its Data-Tech-AI and Digital Operations segments, which saw revenue increases of 9% and 5%, respectively.
Genpact's profitability also improved significantly, with gross margin reaching 35.6%, up 10 basis points from the prior year, and adjusted operating income margin expanding 40 basis points to 17.6%. Net income and diluted EPS grew by 13% and 16%, respectively, reflecting the company's operational efficiency and effective cost management.
Encouraged by the strong results, Genpact raised its full-year 2024 revenue guidance to 6% growth at the midpoint and increased its adjusted EPS guidance to $3.24 at the midpoint. The company's positive outlook and strategic partnerships, notably achieving GenAI competency in AWS Consulting Services and launching a proprietary Finance Data Hub, further bolstered investor confidence.
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