Revenue during the quarter grew 21.93 percent to $87.25 million from $71.56 million in the previous year period. Gross margin for the quarter expanded 217 basis points over the previous year period to 39.55 percent. Total expenses were 86.06 percent of quarterly revenues, down from 89.83 percent for the same period last year. This has led to an improvement of 377 basis points in operating margin to 13.94 percent.

Operating income for the quarter was $12.16 million, compared with $7.28 million in the previous year period.

However, the adjusted operating income for the quarter stood at $13.03 million compared to $8 million in the prior year period. At the same time, adjusted operating margin improved 376 basis points in the quarter to 14.94 percent from 11.18 percent in the last year period.

"I am very pleased with our 2016 performance. Our revenues for 2016 reached almost $323 million, a solid 27.2% year-over-year growth. This significant growth was mainly driven by our top accounts, while we have started seeing strong results from our 50 squared initiative. During the year, we also initiated a sustained expansion of our European and US operations, with many new customers coming from industries like Travel, Finance and Media & Entertainment," said Martín Migoya, Globant's chief executive officer and co-founder.

For financial year 2017, Globant S.A. expects revenue to be in the range of $383 million to $393 million. It projects diluted earnings per share to be in the range of $1.29 to $1.39 on adjusted basis for the same period.

For the first-quarter, Globant S.A. expects revenue to be in the range of $86 million to $88 million. It projects diluted earnings per share to be in the range of $0.24 to $0.28 on an adjusted basis for the same period.