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Sep 30, 2023
EPAM Q3 2023 Earnings Report
EPAM's Q3 2023 results reflected a challenging market landscape with observed stability and growth in some business areas, offset by negative impacts in others.
Key Takeaways
EPAM reported Q3 2023 revenues of $1.152 billion, a 6.1% year-over-year decrease. GAAP diluted EPS was $1.65, and non-GAAP diluted EPS was $2.73. The company initiated a Cost Optimization Program expected to deliver over $100 million in annualized savings.
Revenues decreased to $1.152 billion, a 6.1% year-over-year decrease.
GAAP income from operations was 9.9% of revenues, while non-GAAP income from operations was 17.0% of revenues.
GAAP diluted EPS was $1.65, a decrease of $0.98 year-over-year, and non-GAAP diluted EPS was $2.73, a decrease of $0.37 year-over-year.
EPAM initiated a Cost Optimization Program expected to deliver over $100 million in annualized savings.
Forward Guidance
For Q4 2023, EPAM expects revenues between $1.130 billion and $1.140 billion, GAAP diluted EPS between $1.67 and $1.75, and non-GAAP diluted EPS between $2.47 and $2.55.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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