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Jun 30, 2020
Grid Dynamics Q2 2020 Earnings Report
Announced Q2 2020 financial results, with revenue at the high end of guidance and strong growth in non-retail verticals.
Key Takeaways
Grid Dynamics reported Q2 2020 revenue of $22.4 million, at the high end of the guidance range. Non-retail industry verticals showed strong growth. The company posted a GAAP net loss of $2.2 million but generated positive adjusted EBITDA of $1.2 million. They anticipate Q2 to be the low point for 2020, with recovery expected from Q3 onwards.
Delivered $22.4 million of revenue, at the high-end of the guidance range.
Non-retail industry verticals generated strong sequential and year-over-year revenue growth of 12% and 46%, respectively.
Technology vertical, at 54% of second quarter revenue, grew 52% on a year-over-year basis.
Generated positive adjusted EBITDA of $1.2 million in Q2, reflecting excellent focus and execution of cost savings initiatives.
Forward Guidance
The company expects revenue in the third quarter 2020 to be in the range of $24.5 million to $26 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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