Grid Dynamics Holdings, Inc. (NASDAQ: GDYN), which provides digital transformation services and technologies, just published a positive Q1 2022 report. The firm is on course to set a new quarterly sales record for the sixth time in a row, and client growth backs up the optimistic prognosis.
Grid Dynamics’ sales soared by 82.5 percent year over year to $71.4 million in the last quarter ending March 31. Grid Dynamics had significant growth across the board, with the number of corporate clients increasing by 6 to 213 in the third quarter. In the first quarter of last year, the firm had 184 clients.
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Grid Dynamics is a digital transformation company that specializes in recruiting and hiring developers for various projects. In addition, the organization aids in the development and deployment of machine learning and big data analytics solutions. The scarcity of highly skilled professionals is the major trend sustaining Grid Dynamics’ favorable dynamics.
Last quarter, non-retail enterprises accounted for more than 67% of Grid Dynamics’ revenue, growing 7.7% year over year. The media and telecoms sector increased by 9.6% to 30% of total income. Online trade and huge retail chains are also increasing their demand.
Grid Dynamics forecasts revenue growth of $72- $73.5 million in the second quarter, as well as an increase in non-GAAP EBITDA of $9.5- $11 million.
Grid Dynamics released a new starter package of services and solutions for enterprises commencing their cloud migration towards the end of April 2022. Grid Dynamics’ knowledge with the AWS cloud platform is leveraged.
The company’s management anticipates that the delivery of a simple and quick-to-implement approach to digital transformation will draw new clients to the Grid Dynamics ecosystem, including significant companies.
The shares of GDYN closed at $17.21 previous session, down -1.04% or $0.18. The stock has dropped -53.52% in the previous six months, and -29.87% in the last three months. So far this year, the stock has returned -54.67%.
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