Shares of EPAM Systems Inc. soared over 10% in premarket trading on Thursday after the software engineering and IT consulting company reported better-than-expected third quarter 2024 earnings and raised its full-year guidance.

For the third quarter ended September 30, EPAM posted adjusted earnings per share of $3.12, surpassing analysts' consensus estimate of $2.70. Revenue rose to $1.168 billion from $1.15 billion a year ago, also beating Wall Street's projection of $1.152 billion.

Boosted by the strong Q3 performance, EPAM raised its outlook for fiscal 2024. The company now expects full-year adjusted EPS in the range of $10.73 to $10.81, up from its prior forecast of $10.20 to $10.40. Revenue guidance was lifted to between $4.69 billion and $4.70 billion from the previous $4.59 billion to $4.63 billion range.