Grid Dynamics reports Q3 EPS 8c, consensus 8c

Reports Q3 revenue $77.4M, consensus $76.7M. “Our third quarter results reflect the company’s strong commitment to our clients and ability to execute to our stated goals. There were many positive trends in the quarter. We signed ten new enterprise customers bringing the total to 28 since the beginning of the year. Our AI capabilities continue to garner significant interest and during the quarter we completed multiple projects across industry verticals. At new and existing customers, our AI success has led us to incremental digital transformation opportunities beyond AI. On the demand environment, I am incrementally positive. Some of the key reasons include a steady rise in billable headcount, our core business is picking up, and contributions from our recent customer wins grow. Although the macro environment impacts customers at varying levels, our fourth quarter outlook reflects improving trends. On November 16th, 2023 Grid Dynamics will host its first investor day in New York City. We look forward to providing you all with a deeper dive into our technological capabilities including AI, our global delivery footprint, and our plans around the Company’s GigaCube strategy,” said Leonard Livschitz, CEO.