Globant Reports Best Year So Far Despite Complex Outlook In 2022 for Tech Sector

The Argentina-based multinational software developer used AI emulating co-founder and CEO Martín Migoya’s face and voice to present its Q4 and FY 2022 results, which exceeded analysts’ expectations

Globant's CEO and co-founder Martín Migoya.
February 17, 2023 | 11:30 AM

Read this story in


Buenos Aires — “It was the best year in Globant’s (GLOB) history in terms of sales,” co-founder and CEO of the Argentine software development unicorn, Martín Migoya, told investors on Thursday during the presentation of the company’s Q4 and FY results.

Argentine IT Giant Globant, LA Clippers Partner for New Stadium Tech Experience

Using an artificial intelligence tool that emulated Migoya’s face and voice, the entrepreneur reported that the software company’s Q4 net earnings grew by 35.3% year on year, and by 55.7% in FY 2022.

“We understand that macroeconomic conditions are uncertain, and geopolitical events and supply chain issues affect our customers’ decisions and processes, especially at the end of 2022″, Migoya said, after a complex year for the entire technology sector.

“We see signs of positive change after an adjustment,” he added.


Bloomberg consensus projections estimated revenues of $490 million for Q4, with the revenues totaling $491 million, a year-on-year increase of 29%. For the full year 2022, revenues were $1.78 billion, up 37% y-o-y.

XP’s Revenues Fall and Founder Lambasts Firm’s ‘Neglect’ of Clients

For the first quarter of 2023, Globant projects revenues of $470 million, a year-on-year growth of 17.1%.

The company reported net income of $149.47 million, 56% higher than a year ago, with a gross profit margin of 37.4%, compared to 38% in Q4 2021.

In a geographical breakdown of revenues, 61.7% came from North America, 22.7% from Latin America (led by Argentina), 11.9% from EMEA (led by Spain) and 3.7% from Asia and Oceania, led by India.

Unicorn Founders Among Latin America’s 500 Most Influential