Epam Systems (EPAM) earnings and revenue for the first quarter topped analyst estimates, and guided slightly above Wall Street targets. Epam stock fell in early trading on Thursday.
XThe information technology service provider said adjusted earnings rose 34% vs. a year earlier to $1.25 a share, with revenue rising 23% to $521.3 million. A year earlier, Epam earned 93 cents a share on sales of $424 million.
Analysts expected Epam earnings of $1.17 on sales of $518.7 million for the period ended March 31.
For the current June quarter, EPAM forecast earnings of $1.21 a share on revenue of $549 million, up 23% from a year earlier. Analysts had projected earnings of $1.20 a share on sales of $544.2 million.
Epam Financial Services Growth Slowing?
"Growth in financial services continues to moderate, falling into the single digits this quarter, and is worth monitoring," Jefferies analyst Surinder Thind said in a report to clients. "For now, strength in Life Sciences continues to offset."
Epam stock dropped 3.2% to 165 in morning trades on the stock market today. Shares broke out in early February from a 144.29 buy point, running up to 180.55. Epam stock has since pulled back to its fast-rising 50-day line.
In info tech services, Epam sets itself apart by specializing in custom software development and product engineering services. The company hires most computer software developers in Eastern Europe. Most of Epam's offshore centers are located in Belarus, Ukraine, Russia and Hungary.
Details to follow.
Follow Reinhardt Krause on Twitter @reinhardtk_tech.
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The post Epam Earnings Beat, Guidance Slightly Above Views, Stock Falls appeared first on Investor's Business Daily.
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