Today, French IT major Capgemini reported a consolidated Q1 2024 ending March financial results.
The company reported Q1 2024 revenues of €5,527 million, -3.5% year-on-year at current exchange rates and – 3.3% at constant exchange rates.
In a macro environment that remains soft, large corporations and organizations are still prioritizing operational agility and cost-efficiency programs with fast payback, at the expense of non-strategic and discretionary deals.
In that context, Capgemini’s high value-added service offerings – most notably in the Intelligent Industry, as well as in activities driven by Cloud, Data & Artificial Intelligence – enjoyed solid traction in Q1.
Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “As anticipated, the market continued to slow down in Q1, and we confirm the growth trough is now behind us.”
“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”, Aiman Ezzat added.
Aiman Ezzat further said, “The pipeline continues to grow and the demand for large-scale digital transformation projects remains strong. Client focus remains on operational and cost efficiency programs, however, we also see good traction for our high-added value services in the Intelligent industry as well as for our sustainability offerings.”
Capgemini’s Head Count
The Group’s total headcount stood at 337,200 as of March 31, 2024, down 6% year-on-year. The offshore workforce represents 57% of the total headcount, i.e. 192,000 employees.
The company headcount dropped by 3200. On December 31, 2023, the Group’s total headcount stood at 340,400, down by 5% year-on-year.
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The onshore workforce decreased slightly to 145,800 employees, down by 2% year-on-year, while the offshore workforce was down by 7% to 194,600 employees, i.e., 57% of the total headcount.
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