US listed eastern European integrator EPAM Systems’s Q3 confirmed its moves to be more agile are paying off. Revenues increased to $652m, a year-over-year increase of $64m, or 10.9%, and on a constant currency basis, revenues were up 10.0% over the corresponding period last year;
GAAP income from operations was $96.4m, an increase of $15.8m, or 19.6%, compared to $80.6m in the third quarter of 2019;
"EPAM's solid third quarter performance was the result of an improving demand environment along with the ongoing expansion of the Company's capabilities—enabling us to continue supporting our customers in the execution of their transformation programs," said Arkadiy Dobkin, CEO & President, EPAM. "Our continuous efforts on implementing internally the principles of an adaptive organization, allow us to navigate the realities of the global economic environment more effectively, while increasing the value we bring to our clients and extending our market position as a trusted digital solutions partner."
Total headcount was approximately 38,000 as of September 30, 2020. Included in this number were approximately 33,800 delivery professionals, an increase of 7.4% from September 30, 2019.
It expects fourth quarter revenues will be in the range of $695m to $705m for the fourth quarter reflecting a year-over-year growth rate of approximately 10.6% at the mid-point of the range.
