Grid Dynamics Holdings, Inc. ( (GDYN) ) has released its Q3 earnings. Here is a breakdown of the information Grid Dynamics Holdings, Inc. presented to its investors.
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Grid Dynamics Holdings, Inc., a digital-native technology services provider, specializes in enterprise-level digital transformation services including artificial intelligence, big data, analytics, search, cloud, and DevOps, with its headquarters in Silicon Valley and offices across the globe.
In its latest earnings report for the third quarter of 2024, Grid Dynamics announced record revenues of $87.4 million, surpassing its previous outlook, and a GAAP net income of $4.3 million. The company’s growth was fueled by strong performances in its Retail and Technology, Media and Telecom verticals, alongside significant gains in the Finance vertical.
Key highlights from the report indicate a 5.3% sequential increase in total revenues and a 12.9% year-over-year growth. The company also reported a non-GAAP EBITDA of $14.8 million, reflecting a robust financial position. Grid Dynamics’ acquisition of JUXT and Mobile Computing is expected to enhance its banking, financial services, and engineering capabilities. Notably, the company is witnessing an increased demand for AI solutions, with a pipeline growth of 50% from the previous quarter.
Looking forward, Grid Dynamics anticipates continued momentum into the fourth quarter, projecting revenues between $95.0 million to $97.0 million and a non-GAAP EBITDA ranging from $13.5 million to $15.5 million. The company remains optimistic about its strategic initiatives and market position as it heads into 2025.
