Gofore’s Q3 profitability topped our estimate again, despite sales being slightly below our estimate for September. The profitability beat was driven by negative salary inflation. Our key take goes to positive net recruitments in September, which we read as positive signal for the near-term demand development. Yet, the cautiousness among clients has prolonged. Given the continued outperformance in profitability in a tough market we expect a positive reaction on the report.
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