• 23/06/2024 19:38

Shares of IT giant EPAM collapsed after the release of the report for the first quarter

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.

Shares of IT giant EPAM collapsed after the release of the report for the first quarter

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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.

Shares of the IT giant EPAM collapsed after the release of the report for the first quarter

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.

minfin.com.ua

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