Sam Boughedda

Investing.com — EPAM Systems Inc (NYSE:) stock jumped after reporting its first-quarter results on Thursday. Software engineering firm, Xerox, beat estimates and increased its guidance for the second quarter.

Year-over-year revenue increased 50.1% to $1.17billion. This is higher than the $1.06billion estimate. Additionally, earnings per share surpassed analysts’ estimates of $1.85 and reached $2.49 

The highest growth year-over-year came from its travel & consumer sector, increasing 91%. 

It outlined its difficulties due to the Ukraine-Russia conflict and explained how they have had to adapt.

Arkadiy Dobikin, CEO of EPAM and President, stated that “our track record in adapting our company to global disruptions gives us confidence that despite all the profound personal impact war had on EPAM”, and added, “We will execute through the near-term challenge and emerge as a stronger, more resilient, and more relevant global corporation.”

EPAM also raised its outlook for the second quarter. It forecasts that revenue will be at minimum $1.14billion in the second quarter, reflecting an average 29% increase year over year. 

EPAM stock currently trades at $341.13, up 9.1%. But, the stock hit an earlier high of $364.65 in the session.