IT giant EPAM Systems published its financial report for the first quarter of 2024 on May 9. After which the company's shares collapsed from $249 to $181. This is evidenced by data from Finance Yahoo.
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At the last close of trading, the price of EPAM shares was $181.93. In the year, the maximum share price was $317.50.
EPAM quarterly report
During the first quarter of 2024, as part of the share repurchase program, the company bought back 396,000 shares for $120.6 million.
According to EPAM’s quarterly report, the company’s revenues fell compared to the first quarter of last year by 3.8% or $45 .5 million – from $1.21 billion to $1.16 billion.
However, the company increased net income by 13.9% or $14 million compared to the first quarter of 2023.
< p>In January-March 2024, EPAM's net profit increased to $116 million. This is 13.5% more than for the same period in 2023 ($102 million).
Forecast for 2024
EPAM previously forecast revenue growth in 2024 (ranging from 1% to 4%). However, so far the company does not see the prerequisites for this and has revised its forecast.
Annual revenue is expected to decrease by approximately 1.4% and will range from approximately $4.57 billion to $4.67 billion.
In the second quarter, EPAM expects revenue in the amount of $1.13 to $1.14 billion.