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EPAM Systems reported impressive quarterly results, exceeding profit and revenue expectations due to heightened demand for IT services. The surge in business digitization and cloud service adoption has significantly benefited EPAM, which specializes in product development services. The company achieved second-quarter revenue of $1.15 billion, surpassing analyst estimates of $1.14 billion.
Despite a positive quarterly performance, EPAM adjusted its full-year revenue outlook downward, now predicting between $4.59 billion and $4.63 billion. The company also anticipates annual adjusted profit to range from $10.20 to $10.40 per share. This reflects a cautious approach amid uncertain macroeconomic conditions, even as global IT spending is projected to rise.
• Strong demand for IT services driven by AI adoption and cloud services.
• EPAM Systems adjusts revenue outlook despite beating quarterly estimates.
The article highlights how businesses are deploying their own AI applications to enhance operations.
The increasing adoption of cloud services is a key factor driving demand for IT services.
EPAM specializes in these services, which are in high demand as companies digitize.
EPAM's strong performance is attributed to the rising demand for its services amid increased AI adoption.
Cognizant's revenue forecasts have also been positively impacted by the growing demand for AI solutions.
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