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.
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.