EPAM Systems Inc. (EPAM), a leading global provider of digital transformation services, reported strong third-quarter 2024 results that surpassed Wall Street's expectations. The company's shares soared over 17% in premarket trading, reflecting investor's optimism.

For the quarter ended September 30, 2024, EPAM reported revenue of $1.168 billion, representing a year-over-year increase of 1.3%. This figure exceeded analysts' estimates of $1.152 billion. On a non-GAAP basis, the company reported earnings per share (EPS) of $3.12, significantly higher than the consensus estimate of $2.70.

EPAM's solid performance was driven by robust demand for its digital transformation and product engineering services, as enterprises continue to invest in technology to enhance their operations and stay competitive. The company's acquisition of NEORIS, a Miami-based advanced technology consultancy, further strengthened its global delivery platform and expanded its presence in Latin America, Spain, and the U.S.

Encouraged by the strong third-quarter results, EPAM raised its full-year 2024 guidance. The company now expects revenue between $4.685 billion and $4.695 billion, up from its previous forecast of $4.59 billion to $4.63 billion. Additionally, EPAM raised its non-GAAP diluted EPS guidance to a range of $10.73 to $10.81, compared to the previous outlook of $10.20 to $10.40.

EPAM's CEO, Arkadiy Dobkin, expressed satisfaction with the company's performance, stating, "We are pleased with our strong third-quarter results and the ongoing improvement across our business. We continue to help our clients adapt and modernize their businesses, including deploying world-class solutions enabled by GenAI."

The company's focus on innovation, particularly in areas such as artificial intelligence and autonomous driving, has positioned it as a leader in the industry. EPAM's ability to navigate challenges, such as the impact of the exit from Russia, and deliver strong results amid geopolitical tensions and currency fluctuations, underscores its resilience and operational efficiency.