Software provider EPAM raises annual forecasts, announces CEO change
The company also said its founder and CEO Arkadiy Dobkin will transition to executive chairman on September 1, and revenue chief Balazs Fejes will take over as chief executive.
EPAM's broad portfolio of consulting services helped it navigate a tough spending environment as enterprises pull back on non-essential tech projects.
Larger rivals such as Accenture and IBM have been hit by federal deal cancellations as President Donald Trump's administration tries to curb government spending.
The Newtown, Pennsylvania-based EPAM expects 2025 revenue growth in the range of 11.5 per cent to 14.5 per cent, up from the previous range of 10 per cent to 14 per cent.
EPAM expects full-year adjusted earnings per share in the range of $10.70 to $10.95, compared with its prior forecast of $10.45 to $10.75.
The company reported first-quarter revenue of $1.30 billion, beating estimates of $1.28 billion, according to data compiled by LSEG.
It posted an adjusted profit per share of $2.41 for the three months ended March 31, compared with estimates of $2.27 per share.
The company also forecast second-quarter revenue and adjusted profit per share above estimates.
EPAM had bought FD Technologies' consulting unit in late 2024, in a bid to strengthen its presence in artificial intelligence-driven financial services.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Independent Singapore
2 hours ago
- Independent Singapore
The caregiving crisis: Why paid leave is becoming a make-or-break workplace benefit
As caregiving duties have increasingly impacted workers of all generations, business owners and company managers are facing a critical moment. A new report from Prudential Financial featured in an HRDive article warns that corporations risk losing valuable talent if they don't offer a paid caregiving leave benefit. According to Prudential's study of nearly 3,000 permanent personnel and 750 U.S. proprietors, paid caregiving leave is swiftly evolving as one of the most sought-after workplace paybacks. Yet, only 52% of companies presently provide it. 'Caregiving isn't a niche issue — it's a workplace reality,' said Michael Estep, president of Prudential Group Insurance. 'Employees across every demographic are asking for paid leave, and employers who don't respond risk losing talent.' While countless businesses have incorporated paid parental leave (89%) and military leave (55%), caregiving and pregnancy loss leave still lag, provided by just more than half of employers. The divide is conspicuous. Notwithstanding 63% of corporations saying they offer paid leave, a third of employees report they wanted free time for family or medical reasons but couldn't take it. Major barriers consist of financial pressures, humiliation, fear of losing impetus in one's career, and guilt for saddling additional work on coworkers. Managers aren't without apprehensions and anxieties of their own. Although 69% admit that paid leave completely influences business results, such as productivity, employee morale, and retention, they remain cautious about probable abuse and usually depend on unpaid leave or short-range disability programs as an alternative. The answer, Prudential suggests, lies in effective and better communication, and a more calculated style of management. Workers say they want clear-cut explanations of their benefits. Simultaneously, employers are seeking direction to effectively steer multifaceted and wide-ranging state leave regulations. 'Embracing paid leave as an essential benefit that supports the well-being of caregivers in the workplace can be a powerful strategy to attract and retain talented workers,' Estep said. 'It also supports them in ways that boost satisfaction, loyalty, and performance.' The caregiving crunch is hitting some groups harder than others. Half of mothers in the purported 'sandwich generation,' those caring for both children and ageing parents, say they were compelled to leave a job due to caregiving demands, according to a different report conducted by Motherly and the University of Phoenix Career Institute. Two-thirds say their employers' benefits don't effectively support their caregiving tasks, whether for children or older dependent relatives. As parental leave becomes more of the norm, specialists believe firms will start developing comprehensive caregiving benefits. Specifically, flexible work arrangements are evolving as a rescue for workers who juggle double caregiving roles. In today's workplaces, paid caregiving leave is no longer an indulgence; it's a requirement. For establishments that want to keep valuable talent, the message is clear — support your caregivers, or you lose them.
CNA
2 hours ago
- CNA
Toyota's second-quarter US auto sales rise 7.2%
Toyota Motors' North American unit reported higher second-quarter U.S. vehicle sales on Tuesday, helped by demand for its sedans and SUVs. The Japanese automaker's sales rose 7.2 per cent to 666,469 units, from a year ago.
CNA
3 hours ago
- CNA
Exclusive-Scale AI's bigger rival Surge AI seeks up to $1 billion capital raise, sources say
Surge AI, a data-labeling firm that competes with Scale AI, has hired advisors to raise as much as $1 billion in the first capital raising in the firm's history, sources told Reuters, as it seeks to capitalize on growing user demand amid Scale AI's recent customer exodus. The company, founded by former Google and Meta engineer Edwin Chen, is targeting a valuation of over $15 billion, sources said, cautioning that the talks are still in early stages and the final number could be higher. The funding would be a mix of primary and secondary capital that provides liquidity for the employees. Surge AI, which has been profitable and bootstrapped by Chen, has raked in over $1 billion in revenue last year, bigger than its better-known competitor Scale AI, which reported $870 million in revenue over the same period of time. In comparison, Scale AI was valued at $14 billion in a funding round last year, and was mostly recently valued at nearly $29 billion when Meta invested for a 49 per cent stake in the company and poached its CEO Alexandr Wang to be its chief AI officer to lead its new Superintelligence Labs. Surge AI declined to comment. Like other Scale AI competitors, Surge AI is benefiting from Scale AI's customer losses following Meta's investment. This includes OpenAI and Scale's largest customer, Google, who are now planning to move away from the platform over concerns that doing business with Scale could expose their research priorities to Meta. Scale has said its business remains strong, and it is committed to protecting customer data. Surge AI's quiet yet meteoric rise has positioned it as one of the largest players in the crowded data labeling industry, defying the typical Silicon Valley playbook of raising massive rounds of venture capital to fuel growth. Founded in 2020, the San Francisco-based company has largely operated under the radar, known for its premium, high-end data labeling services used by top AI labs, including Google, OpenAI and Anthropic. As reinforcement learning from human feedback (RLHF) has become more important in training advanced AI systems, the demand for meticulously labeled, nuanced datasets has grown. Surge AI has capitalized on this trend by appealing to a network of highly skilled contractors instead of large pools of low-wage labor. The outsized funding of Surge would be a test of investor interest in the data labeling sector. Some investors view data labeling as an ongoing necessity for AI development, predicting a continued demand from leading AI labs. Others express concern that the industry's low margins and reliance on human labor could make it vulnerable to automation, as AI technology advances and the need for manual annotation diminishes.
