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epam: Software provider EPAM lifts annual forecasts as IT spending rises

, By The Economic Times
epam: Software provider EPAM lifts annual forecasts as IT spending rises
Tech

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EPAM Systems lifted its annual revenue and profit forecasts on Thursday, betting on strong demand for its IT services towards the end of the year as enterprise spending picks up, sending shares of the software provider 11% higher before the bell.

More companies are spending on digital transformation and cloud modernization to save costs and improve efficiency.

Last month, EPAM acquired the consulting business of Northern Ireland-based FD Technologies for $300.9 million to deepen its expertise in financial services and enhance its artificial intelligence-related capabilities.

The company now expects its full-year revenue to be between $4.69 billion and $4.70 billion, compared with its previous projection of $4.59 billion to $4.63 billion.

It sees adjusted profit between $10.73 and $10.81 per share, above with its earlier estimate of $10.20 to $10.40.

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Peer Cognizant Technology Solutions also raised its annual revenue forecast, and beat third-quarter profit estimates on gradual recovery in the business environment.

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For the third quarter ended Sept. 30, EPAM posted adjusted profit of $3.12 per share, above analysts’ estimates of $2.70, according to data compiled by LSEG. Its quarterly revenue of $1.17 billion also beat Street estimates of $1.15 billion.



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epam: Software provider EPAM lifts annual forecasts as IT spending rises

, By The Economic Times
epam: Software provider EPAM lifts annual forecasts as IT spending rises
Tech


EPAM Systems lifted its annual revenue and profit forecasts on Thursday, betting on strong demand for its IT services towards the end of the year as enterprise spending picks up, sending shares of the software provider 11% higher before the bell.

More companies are spending on digital transformation and cloud modernization to save costs and improve efficiency.

Last month, EPAM acquired the consulting business of Northern Ireland-based FD Technologies for $300.9 million to deepen its expertise in financial services and enhance its artificial intelligence-related capabilities.

The company now expects its full-year revenue to be between $4.69 billion and $4.70 billion, compared with its previous projection of $4.59 billion to $4.63 billion.

It sees adjusted profit between $10.73 and $10.81 per share, above with its earlier estimate of $10.20 to $10.40.

Growfast


Peer Cognizant Technology Solutions also raised its annual revenue forecast, and beat third-quarter profit estimates on gradual recovery in the business environment.

Discover the stories of your interest


For the third quarter ended Sept. 30, EPAM posted adjusted profit of $3.12 per share, above analysts’ estimates of $2.70, according to data compiled by LSEG. Its quarterly revenue of $1.17 billion also beat Street estimates of $1.15 billion.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News
Bank of England cuts interest rates as borrowing costs to fall ‘gradually’
Next News
boAt’s FY24 Revenue Declines 7% To INR 3,118 Cr
The Economic Times
The Economic Times

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