Grid Dynamics Holdings, Inc. (GDYN) saw its stock soar over 5% in pre-market trading on November 1st, 2024, following the company's strong Q3 2024 earnings report. The IT services provider reported record revenue and profitability, exceeding Wall Street expectations.
The company's Q3 revenue of $87.4 million surpassed analyst estimates of $85.2 million, driven by robust demand and a record billable engineering headcount. Grid Dynamics also saw significant traction in its AI portfolio, with over 30 service offerings and a 50% increase in AI opportunities.
Grid Dynamics' strategic partnerships with hyperscalers contributed 18% of total revenue, highlighting successful collaboration and growth potential. Additionally, recent acquisitions in Argentina and the UK are expected to generate immediate synergies and enhance industry expertise.
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