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Key Takeaways
- EPAM Systems shares surged nearly 15% Thursday, delivering the top daily performance in the S&P 500.
- The company reported third-quarter earnings that topped estimates and raised its full-year outlook.
- Despite Thursday’s gains, shares remained lower for the year.
EPAM Systems (EPAM) shares jumped close to 15% Thursday, delivering the top daily performance in the S&P 500 after the company reported earnings that topped estimates and raised its full-year outlook.
EPAM posted third-quarter revenue of $1.17 billion, up 1.3% year-over-year. Earnings per share (EPS) of $2.37 marked a 72-cent increase from the year-ago period. Both figures exceeded analysts’ estimates compiled by Visible Alpha.
The company said it now expects annual revenue of between $4.69 billion and $4.7 billion, up from $4.59 billion to $4.63 billion previously.
EPAM said its latest forecast also reflects the impact of recent acquisitions, including its purchase of NEORIS, a Florida-based technology consulting firm, completed on Nov. 1.
EPAM shares closed 14.9% higher at $232.92 Thursday, though even with Thursday’s gains, the stock has lost more than one-fifth of its value since the start of the year.