France's Capgemini Q1 sales fall in slowing market [Yahoo! Finance]
CAPGEMINI SE UNSP/ADR (CGEMY)
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Source: Yahoo! Finance
The company's revenue fell 3.5% to 5.53 billion euros ($5.92 billion) in the first three months of 2024, against 5.73 billion euros in the year-ago period. "As anticipated, the market continued to slow down in Q1, and we confirm the growth trough is now behind us," CEO Aiman Ezzat said in a statement. "We expect the market to gradually pick up toward an attractive exit growth rate in Q4, setting up for a more tangible acceleration in 2025," he added. Order bookings also fell by 3.5% to 5.66 billion euros in the quarter. The group's headcount stood at 337,200 workers at the end of March, which is a decrease of 6% compared to same time last year. Revenue in North America, Capgemini's second biggest market with 28% of group revenues, was down 7.1%, after a decline of 6.6% during the fourth quarter of 2023. The company reiterated its outlook for 2024. ($1 = 0.9341 euros) (Reporting by Lina Golovnya and Alban Kacher in Gdansk; Editing by Milla Nissi)
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