EPAM Systems: Global Operations Refinement and Rebalancing Delivery Platform!

EPAM Systems, a leading global provider of digital platform engineering and software development services, reported their Q1 2024 earnings and these financial results marked a tough quarter as they experienced a year-on-year decrease of 3.8% on a reported basis or 4.3% in constant currency terms, which translated to a revenue of $1.165 billion. Their gross margin was also affected, decreasing to 28.4% as compared to 29.3% in Q1 of last year, mainly due to foreign exchange impacts due to the strengthening of currencies in specific delivery locations. This was further amplified by their inability to adjust prices following EPAM’s Q2 2023 promotion campaign.