Capgemini Q1 FY24 revenues drops 3.5%, offshore headcount dips

French IT major Capgemini reported a consolidated Q1 2024 ending March revenues declined 3.5% year-on-year (YoY) to €5.53 billion (around $5.9 billion) with the continued overhang of subdued technology demand in the North American market and financial services segment.
“The Financial Services (-7.3% growth) and TMT (telecoms, media and technology) (-11.1%) sectors contributed the most to this decline, partly offset by growth in the manufacturing sector, the company said.