EPAM Systems forecast first-quarter results aligning with analyst estimates on Thursday. The software provider is experiencing robust demand as companies accelerate investments in AI-enhancement of their systems.
Businesses are maintaining spending on software development and AI-driven transformation projects, essential for staying competitive in the current technological landscape. This trend supports EPAM's core services, which include consulting, cloud and AI transformation, and software engineering.
For the first quarter, EPAM projects revenue between $1.38 billion and $1.40 billion. Adjusted earnings per share are expected to range from $2.70 to $2.78. These figures are consistent with market expectations. The company's fourth-quarter performance also exceeded analyst estimates, with revenue reaching $1.41 billion and adjusted EPS at $3.26.
Shares of the Pennsylvania-based company saw a decline of over 4% in premarket trading.