EPAM Systems raises annual profit on strong cloud demand

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EPAM Systems forecast annual profit above market expectations and beat estimates for third-quarter profit on Thursday as businesses increasingly digitise operations and adopt cloud services, sending the software firm's shares up over 6 per cent in premarket trading.

The company lifted its 2023 adjusted profit to between $10.31 and $10.39 from $9.90 to $10.10 forecast earlier, higher than estimates of $10.04, according to LSEG data.

EPAM expects to benefit from its efforts on strengthening cloud capabilities through partnerships with Amazon Web Services and Google Cloud, which are seeing strong demand due to adoption of artificial intelligence services.

 

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