Grid Dynamics Holdings, Inc. - GDYN STOCK NEWS

Grid Dynamics announced that Knowde selected its experts to develop an advanced semantic search for its B2B digital marketplace, featuring over 160,000 chemical products. Utilizing a composable MACH architecture, Grid Dynamics launched the search platform in under six months, achieving a 30% increase in customer engagement. The new search capabilities include multi-stage concept-oriented search and query expansion with domain-specific knowledge graphs, tailored to meet the unique needs of the chemical industry.

Grid Dynamics reported a record revenue of $77.3 million for Q2 2022, marking a 62.2% increase year-over-year and an 8.3% sequential rise. This marks the eighth consecutive quarter of record revenue. The non-retail verticals contributed 67.1% of revenue, with notable growth in Technology, Media, and Telecom at 30.2% of revenue. Despite the revenue growth, the company faced a GAAP net loss of $(13.2 million), or $(0.20) per share. Looking ahead, revenue guidance for Q3 2022 is forecasted between $78.5 million and $80.0 million.

Grid Dynamics (NASDAQ:GDYN) will host a video conference call to discuss its Q2 2022 financial results on August 4, 2022, at 4:30 p.m. ET. An accompanying press release will precede the call. Investors can access the webcast through the Investor Relations section of their website. A replay will be available with a designated passcode. Grid Dynamics offers digital transformation services for Fortune 1000 companies, focusing on areas like big data analytics and cloud migration, leveraging global engineering talent.

Grid Dynamics (NASDAQ:GDYN) and selfologi, a Dubai-based cosmetic treatment platform, won the MACH Alliance Award for the Best Health/Pharma Project. As the lead digital technology consulting partner, Grid Dynamics collaborated with commercetools, Amplience, and Algolia to create a revolutionary transactional B2C and B2B marketplace. The selfologi platform allows consumers to discover and book cosmetic treatments online, showcasing over 300 practitioners and facilitating direct bookings. The project was developed in under a year, marking a significant achievement in the industry.

Grid Dynamics (NASDAQ:GDYN) has announced a strategic partnership with Secret Double Octopus to enhance its cybersecurity offerings. This collaboration aims to meet increasing demands for protection against cyber threats, focusing on passwordless authentication methods. With the rise of remote work, multifactor authentication is crucial, as McKinsey estimates that 20-25% of advanced economy workforces now work remotely several days a week. The partnership will provide enterprise customers with advanced security solutions to streamline workflows while mitigating cybersecurity risks.

Grid Dynamics has launched its Customer 360 analytics platform on the Microsoft Azure Marketplace, enhancing scalability, reliability, and agility for application development. This platform supports enterprises in managing large data volumes effectively, improving decision-making through automation and advanced analytics. The offering includes comprehensive blueprints and free workshops aimed at optimizing customer data management. This initiative aligns with the rising demand for digital transformation across industries, helping companies overcome data challenges and enhance business insights.

Grid Dynamics has joined the MACH Alliance, aimed at promoting digital technology adoption. Recognized for its complex integrations and contributions to digital commerce, Grid Dynamics was named Northern European Partner of the Year by commercetools in 2021. This partnership emphasizes their joint efforts in building customer relationships in the U.S. and EMEA markets. The collaboration is projected to enhance innovation in composable commerce technology and drive significant business benefits.

Grid Dynamics has launched operations in Hyderabad, India, aiming to tap into a robust talent pool for its global expansion. The company plans to hire 1,000 employees by the end of 2022. This strategic location provides access to skilled engineers and modern workspaces, enhancing its ability to serve Fortune 1000 clients. Additionally, Grid Dynamics is committed to promoting diversity through initiatives like Women Leaders in Technology. The growth strategy includes various hiring paths and potential acquisitions, strengthening its market presence and shareholder value.

Grid Dynamics has launched operations in Hyderabad, India, aiming to hire 1,000 employees by the end of 2022. This expansion taps into India's rich pool of engineering talent, supporting the company's goals for scaling and enhancing shareholder value. The center will focus on areas such as platform engineering, AI, and data engineering, and will promote diversity through initiatives like Women Leaders in Technology. The Hyderabad location is expected to significantly contribute to ongoing growth and serve Fortune 1000 clients.