Globant SA (GLOB) saw its stock price soar 9.33% during intraday trading on Friday, marking a significant upward movement for the technology services company.

The surge follows the company's release of its first-quarter earnings results for the period ended March 31. Globant reported adjusted earnings per share of $1.50, meeting analyst expectations. However, revenue of $607.09 million declined 0.7% from the year-ago period but surpassed the consensus estimate of $601.70 million, indicating a top-line beat.

The positive price action comes amidst a flurry of analyst activity, with several firms maintaining or issuing ratings on the stock while also adjusting price targets. The stock had fallen significantly in recent months, declining 26.1% in the quarter and 47.9% year-to-date prior to this session. The better-than-expected revenue result appears to have catalyzed a relief rally among investors.