Shares of Globant SA (GLOB) tumbled 10.55% in after-hours trading on Thursday following the release of its third-quarter earnings report. The Luxembourg-based technology services company narrowly missed analyst expectations on earnings per share while slightly beating revenue estimates.

Globant reported quarterly earnings of $1.53 per share, falling short of the analyst consensus estimate of $1.54 by 0.91%. This represents a 6.13% decrease compared to earnings of $1.63 per share in the same period last year. On the revenue front, the company posted quarterly sales of $617.143 million, marginally surpassing the analyst consensus estimate of $615.376 million by 0.29%. This marks a slight 0.40% increase over sales of $614.667 million in the same quarter of the previous year.

The sharp stock decline in extended trading suggests investors were disappointed with Globant's earnings performance, particularly the year-over-year decrease in EPS. While the company managed to beat revenue expectations, the growth was minimal, which may have contributed to the negative market reaction. As the tech sector faces increasing scrutiny over growth and profitability, Globant's results appear to have fallen short of market expectations, leading to the significant after-hours sell-off.