Welcome to our dedicated page for EPAM SYSTEMS news (Ticker: EPAM), a resource for investors and traders seeking the latest updates and insights on EPAM SYSTEMS stock.
EPAM Systems, Inc. reports news on its global digital and AI transformation services business, including custom software, product and platform engineering, integrated consulting, and enterprise technology delivery. Company updates commonly cover quarterly results, revenue outlook, operating margins, earnings measures, and capital returns through share repurchases.
EPAM news also includes AI-native service initiatives, enterprise partnerships, ServiceNow development capabilities, Microsoft-aligned security services, and recognition in European IT sourcing studies. These developments reflect the company’s focus on engineering-led transformation work for large enterprises and other technology-driven clients.
EPAM Systems, a leader in digital platform engineering, has been named the top IT services company on Fortune's 2020 100 Fastest-Growing Companies list, climbing to #21. This marks the second consecutive year EPAM achieved this honor. The company has nearly doubled its revenue over the past three years and operates in over 35 countries with more than 38,000 employees. EPAM's 10-year revenue CAGR stands at 31%. The pandemic accelerated digital transformation, positioning EPAM as a trusted partner for businesses navigating technology changes.
EPAM Systems, Inc. reported a strong third quarter for 2020, achieving revenues of $652.2 million, a 10.9% increase year-over-year. GAAP income from operations rose to $96.4 million, marking a 19.6% increase compared to Q3 2019. Diluted GAAP EPS increased by 31.9% to $1.53. Cash flow from operations for the first nine months reached $385 million, compared to $162.9 million last year. Looking ahead, the company projects Q4 revenues between $695 million and $705 million, reflecting an expected growth rate of 10.6%.
EPAM has partnered with UNICEF to launch the 'HealthBuddy COVID-19' chatbot app, which is now available for download on Apple and Google Play platforms. The app aims to provide reliable COVID-19 information and support emergency risk communications in Europe. The launch date is October 29, 2020, and the app offers content in English and Russian. EPAM, recognized for its software engineering expertise, continues to innovate in digital solutions, reinforcing its leadership position in the tech industry.
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EPAM Systems (NYSE: EPAM) has achieved the Modernization of Web Applications in Microsoft Azure advanced specialization, recognizing its expertise in migrating and managing web applications on Azure. This highlights EPAM's commitment to providing innovative, cloud-based solutions for clients. The specialization indicates stringent requirements around customer success and staff training. EPAM aims to enhance data-driven customer experiences and accelerate time to revenue for its clients, leveraging its extensive digital engineering capabilities.
EPAM has been named a leader in Quality Engineering Services by NelsonHall, showcasing its capability to meet evolving client needs and provide immediate benefits. The recognition emphasizes EPAM's expertise in Artificial Intelligence (AI) and Continuous Testing (CT), critical for rapid software and product launches. The NEAT report evaluated 16 vendors and categorized them based on their service delivery capabilities. EPAM’s approach enhances product speed, quality, and ROI, and includes continuous testing services and AI use cases, further solidifying its market position.
EPAM Systems, Inc. (NYSE: EPAM) has scheduled a conference call for 8:00 a.m. ET on November 5, 2020, to discuss its third quarter 2020 financial results. The earnings news release will be issued before the call. Investors can access the call via webcast or by phone, with a replay available from November 5 at 11:00 a.m. ET until November 12 at 11:59 p.m. ET. EPAM, established in 1993, specializes in software engineering and product development, serving clients in over 30 countries. The company has been recognized on various fast-growing tech company lists.
EPAM has partnered with Bacardi to enhance their digital marketing technology using DevOps automation. This collaboration aims to improve brand consistency and reduce operational costs while enabling Bacardi to adapt to the shift towards online consumer purchasing. Key achievements include a 16X increase in website deployment capacity and new e-commerce capabilities across 150 websites. The partnership reflects Bacardi's strategy to strengthen its digital presence amid the pandemic, ensuring a seamless online consumer journey.
EPAM Systems will host a webinar titled 'Adaptive Automotive: 2020 & Beyond' on October 5, 2020. The session aims to help automotive companies adapt to the evolving market landscape. Panelists include leaders from Daimler AG, Renesas Electronics, and PARK NOW Group. The event is geared towards senior leaders in the automotive industry, focusing on the importance of digital transformation and adaptation.
EPAM Continuum, the consulting arm of EPAM Systems, has released its Consumer Banking Report 2020, based on a survey of 4,500 customers across key regions including the UK, US, Hong Kong, and Singapore. The report highlights that 82% of customers are satisfied with their traditional banks, though 50% have reassessed their banking needs due to COVID-19. It emphasizes the need for banks to integrate more into customers' digital ecosystems to enhance their services and connect better with customers, particularly the younger demographic.