EPAM SYSTEMS, INC. - EPAM STOCK NEWS

EPAM Systems reported Q4 2022 revenues of $1.231 billion, marking an 11.2% year-over-year increase. Full-year revenues reached $4.825 billion, up 28.4%. GAAP diluted EPS rose 8.7% to $2.61 in Q4, while full-year GAAP EPS decreased 13.0% to $7.09. The board approved a $500 million share repurchase program to enhance shareholder value. The company expects 2023 revenues of at least $5.250 billion, indicating a 9% growth rate, despite an anticipated negative impact of 2% due to exiting the Russian market.

EPAM Systems (NYSE: EPAM) announced that 16 of its employees have been named Sitecore Most Valuable Professionals (MVPs), a prestigious recognition in the digital experience management sector. This year, only 241 professionals worldwide were honored from over 16,000 certified developers. The MVPs were recognized for their significant contributions to the Sitecore community, showcasing their expertise in helping clients optimize their digital strategies. This milestone marks EPAM's highest number of Sitecore MVPs, reflecting its commitment to excellence in digital transformation services since becoming a partner in 2007.

EPAM Systems, Inc. (NYSE: EPAM) has announced a conference call scheduled for 8:00 a.m. ET on February 16, 2023, to discuss its fourth quarter 2022 financial results. A news release will precede this call. The conference call can be accessed live on the EPAM website, and a replay will be available afterward in the Investor Relations section. Established in 1993, EPAM is recognized as a leading provider of digital transformation services globally, with numerous accolades, including its inclusion in the S&P 500 and recognition as one of Forbes Global 2000 companies.

EPAM Systems has won the 'Most Impactful Headless Application' award for its collaboration with LiveWire at the Acquia Engage Awards. This recognition highlights EPAM's successful transformation of LiveWire's customer experience and website, enhancing user interactions from research to purchase. EPAM utilized MACH technologies to create a robust digital platform, engaging customers effectively. This marks EPAM's third consecutive win at the awards, set against a competitive field of 120 entries.

EPAM Systems has launched the AosEdge vehicle-to-cloud (V2C) platform, developed in partnership with Renesas Electronics. This platform enhances the software delivery for connected cars, enabling OEMs to implement new services rapidly. AosEdge simplifies installation and management of in-vehicle software, allowing cars to receive cloud-based updates akin to smartphones. This innovation addresses the complex connectivity issues faced by vehicles post-manufacture, ensuring they can access the latest safety features. The platform is designed to support a variety of cloud environments and facilitates a modern microservices architecture.

EPAM Systems, Inc. (NYSE: EPAM) has been recognized as a leader in NelsonHall's 2022 NEAT Evaluation for Overall Salesforce Services, ranking as a top vendor in Marketing Cloud and Revenue Cloud services. This recognition reflects EPAM’s expertise in supporting Salesforce-driven digital transformations. With over 15 years in the industry and a team of 2,400+ global Salesforce experts, EPAM has enhanced its service offerings through acquisitions like PolSource and Ricston. The company maintains high customer satisfaction ratings and continues to innovate by expanding its service capabilities.

EPAM Systems reported third-quarter revenues of $1.227 billion, a 24.1% increase year-over-year. GAAP income from operations was 14.7% of revenues, with GAAP diluted EPS rising 34.9% to $2.63. Non-GAAP diluted EPS increased 28.1% to $3.10. For Q4, EPAM forecasts revenues between $1.220 billion and $1.230 billion, with GAAP diluted EPS projected at $2.02 to $2.10. The exit from the Russian market had an adverse impact on revenue growth, reducing it by 4.7%.

EPAM Continuum has published its third annual Consumer Banking Report, surveying 26,000 individuals across multiple countries. Key findings indicate that 51% of respondents used embedded finance products recently, while 85% utilized physical bank branches in the past year. However, interest in cryptocurrencies has declined, with 28% reporting recent purchases. The report highlights the industry's challenges, including economic volatility and shifting consumer preferences, as banks must adapt to maintain customer loyalty and engagement.