Capgemini cuts revenue forecast again as soft markets hit Q3 sales [Yahoo! Finance]
CAPGEMINI SE UNSP/ADR (CGEMY)
NASDAQ:AMEX Investor Relations:
investors.capgemini.com
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Source: Yahoo! Finance
continued weakness in some of its markets, especially manufacturing, hit third-quarter sales. The company, which offers services ranging from cloud and AI to enterprise management across a wide array of industries, had in July forecast a surprise fall in its annual revenue due to a downturn in the automotive and aerospace sectors. The Paris-based group now expects its revenue to decline between 2% and 2.4% at a constant currency basis, versus its previous forecast for a drop of 0.5% to 1.5%. Its shares fell 6.6% by 0902 GMT, among the worst performers of Europe's benchmark STOXX 600 index. "The group lacks momentum in 2024 and potentially in 2025," said Sarah Thirion, analyst at Midcap Partners, pointing to the discretionary nature of spending and Capgemini's exposure to the automotive sector and weak European markets. However, she added "the prospect of a gradual improvement in profitability remains intact beyond 2025". Capgemini's third-quarter revenue fell 1.6% at const
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