Software services company EPAM Systems announced Thursday that its projected first-quarter financial performance matches Wall Street expectations, driven by continued corporate investment in artificial intelligence system upgrades that increase demand for the firm’s technology services.
The Pennsylvania-based business offers comprehensive information technology solutions, including advisory services, cloud computing, artificial intelligence transformation, and software development.
Even with widespread economic concerns, companies have maintained their spending on software creation and AI-powered modernization initiatives as they work to stay competitive in the artificial intelligence marketplace.
EPAM projects first-quarter earnings between $1.38 billion and $1.40 billion, with the middle estimate matching analyst predictions compiled by LSEG data.
The company anticipates adjusted earnings per share ranging from $2.70 to $2.78, which also aligns with Wall Street forecasts.
During the fourth quarter, EPAM reported $1.41 billion in revenue, surpassing analyst expectations of $1.39 billion, along with adjusted earnings per share of $3.26, which also exceeded predictions.
Stock prices for the Newtown, Pennsylvania-headquartered company dropped more than 4% during pre-market trading sessions.
