EPAM Systems Inc. (NYSE: EPAM), a software developer, presented a great second-quarter report. Despite difficult circumstances, the firm was able to maintain double-digit revenue growth.
EPAM Systems’ revenue increased 35.6 percent year on year to $1.195 billion in the fourth quarter. Profit plummeted 83.5 percent to $0.32 as a result of foreign currency rates and the winding down of operations in several countries. However, demand for EPAM services remains high, and enterprises still have a sizable cash reserve of around $1.3 billion.
It is significant that the number of EPAM Systems employees rose by 28% over the same period the previous year. The corporation today employs over 61 thousand workers. As a result, despite problems in accessing specific labor markets, the corporation does not aim to curtail business. EPAM mitigates these risks by creating additional offices, such as in Canada.
EPAM anticipates sales of at least $1.2 billion in the current third quarter, a 22 percent rise year on year. GAAP profit is estimated to be between 9.5 and 10.5 percent of revenue. In addition, the business anticipates GAAP profits per share to rebound to last year’s levels.
At the beginning of August 2022, EPAM announced that it has received the top level in Snowflake’s collaboration program. Companies share their audiences, and EPAM may deliver Snowflake cloud services capabilities to its customers. EPAM has a comparable high partner status with Adobe; the firms have been working together for over ten years.
EPAM has dropped more than 37% since the beginning of the year, owing to decreasing indices and investor fears about the future of software development hubs in several countries. EPAM was trading at $415.39 on August 4. The market capitalization was $22.14 billion at the time.
EPAM’s 52-week high price is now $725.40, which is 42.74 percent more than the stock’s current trading price. EPAM’s current trading price, however, is -146.39 percent lower than its 52-week low price of $168.59.