(Reuters) -EPAM Programs raised its annual income and revenue forecasts on Thursday, helped by regular enterprise demand for its IT consulting companies, sending its shares up round 10% in premarket buying and selling.
The corporate additionally mentioned its founder and CEO Arkadiy Dobkin will transition to govt chairman on September 1, and income chief Balazs Fejes will take over as chief govt.
EPAM’s broad portfolio of consulting companies helped it navigate a troublesome spending setting as enterprises pull again on non-essential tech tasks.
Bigger rivals similar to Accenture and IBM have been hit by federal deal cancellations as President Donald Trump’s administration tries to curb authorities spending.
The Newtown, Pennsylvania-based EPAM expects 2025 income development within the vary of 11.5% to 14.5%, up from the earlier vary of 10% to 14%.
EPAM expects full-year adjusted earnings per share within the vary of $10.70 to $10.95, in contrast with its prior forecast of $10.45 to $10.75.
The corporate reported first-quarter income of $1.30 billion, beating estimates of $1.28 billion, in accordance with knowledge compiled by LSEG.
It posted an adjusted revenue per share of $2.41 for the three months ended March 31, in contrast with estimates of $2.27 per share.
The corporate additionally forecast second-quarter income and adjusted revenue per share above estimates.
EPAM had purchased FD Applied sciences’ consulting unit in late 2024, in a bid to strengthen its presence in synthetic intelligence-driven monetary companies.
(Reporting by Meghana Khare in Bengaluru; Enhancing by Sahal Muhammed)