Why Globant S.A. Rallied 15.7% in January
The launch of Disney's (NYSE: DIS) Disney+ service has been a boon to Globant S.A. (NYSE: GLOB), an information technology services company that helps companies execute on digital transformation projects. Disney is Globant's biggest customer, representing almost 11% of revenue, and in the third quarter, Globant's Disney revenue increased more than 27% year over year because of work done to support the launch of Disney+ in November.
Optimism that Disney revenue and growing demand from other top customers will support sales growth again in 2020 helped lift Globant's shares 15.7% in January, according to S&P Global Market Intelligence. For perspective, the SPDR S&P 500 Trust ETF (NYSEMKT: SPY) fell slightly, and Technology Select Sector SPDR ETF (NYSEMKT: XLK) was up 4% in January.
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Source Fool.com
