Here’s Why Capgemini Share Price Rose Nearly 8% This Morning

Shares of Capgemini (EPA: CAP) rose almost 8% this morning after the French consulting and IT services provider posted better-than-expected 3Q results.

Capgemini saw its 3Q revenue jump by 18.4% to €4.01 billion amid strong bookings and growth in its digital and cloud offerings.

In line with the wide industry trends, Caphemini’s Digital and Cloud services unit grew more than 10% to establish itself as the main pillar of the company’s impressive portfolio.

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“People who weren’t in the Cloud suffered, and so we’ve seen an acceleration of projects linked to that,” Chief Executive Aiman Ezzat said in a call.

Following strong results, the firm confirmed its full-year targets as it expects its revenue to grow between 12.5% and 14.0%. The management added that it expects the revenue growth to come closer to 14%.

Capgemini share price rose nearly 8% to €107.00 to completely erase yesterday’s drop of over 6%. However, the buyers couldn’t protect these gains, allowing the price action to pull back to €102.90 – (+3.79%).

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