CI&T (CINT) has released an update.
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CI&T Inc, a global digital specialist, reported modest revenue growth in the first quarter of 2024 with net revenues of R$523.5 million, marking a 0.2% increase from the previous quarter, despite a year-over-year decline. The company also experienced a drop in net profit to R$22.4 million and adjusted EBITDA to R$84.3 million, while CEO Cesar Gon highlighted the transformative initiatives underway to become an AI-first company. Optimistically, CI&T anticipates a resumption in growth, projecting at least a 3.5% revenue increase in the second quarter and a year-over-year net revenue growth of -2.5% to +2.5% for 2024.
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