EPAM Stock Rallies After Topping First Quarter Estimates
By Sam Boughedda
Investing.com -- EPAM Systems Inc (NYSE:EPAM) stock jumped after reporting its first-quarter results on Thursday. The software engineering company topped estimates and raised its second-quarter guidance.
First-quarter revenue rose 50.1% year-over-year, coming in at $1.17 billion, beating estimates of $1.06 billion. In addition, earnings per share exceeded analysts' forecasts of $1.85, reaching $2.49.
The highest growth year-over-year came from its travel&consumer sector, increasing 91%.
The company outlined the difficulties it has faced due to the ongoing Ukraine-Russia war and the fact it has had to adapt.
"Our successful track record in adapting the company to global disruptions gives me confidence that despite the deeply personal impact the war has had on EPAM, we will execute through this near-term challenge, and emerge as a more diverse, more resilient and more relevant global company," said CEO and President of EPAM, Arkadiy Dobkin.
Furthermore, EPAM raised its second-quarter outlook. It now forecasts revenue to be at least $1.14 billion, reflecting year-over-year growth of at least 29%.
EPAM stock is currently up 9.1%, trading around the $341.13 mark. However, earlier in the session, it hit a high of $364.65.
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