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

Practice Stock Trading
Updated: 27 October 2020

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.

“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 gains on strong 3Q results

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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