Business
Grid Dynamics Reiterates Second Quarter 2023 Outlook
Significant Wins with at Least 8 New Large Enterprise ClientsSAN RAMON, CA / ACCESSWIRE / June 6, 2023 / Grid Dynamics Holdings, Inc. (Nasdaq:GDYN) ("Grid
About this update from Grid Dynamics Holdings, Inc.
[{"type":"text","content":"Significant Wins with at Least 8 New Large Enterprise ClientsSAN RAMON, CA / ACCESSWIRE / June 6, 2023 / Grid Dynamics Holdings, Inc. (Nasdaq:GDYN) (\"Grid Dynamics\"), a leader in enterprise-level digital transformation services and solutions, today reiterated its previously issued second-quarter 2023 outlook. The company expects to achieve the following financial results for the second quarter of 2023:Total revenue expected to be in the range of $76 million to $78 millionNon GAAP EBITDA to be in the range of $10 million to $11 millionExpecting at least eight new large enterprise logos in the second quarter of 2023CEO CommentaryWe continue to execute our plans shared with you in our first quarter earnings call commentary. Our foundation, strongly rooted in technology, consulting, and solving mission-critical complex engineering solutions, continue to appeal to new and existing world-leading clients. Our proprietary accelerator offerings, strong global delivery footprint, and many years of experience with Enterprise AI place us in a unique place within the modern digital space.In the second quarter of 2023, we expect to close at least eight new significant logos across strategic industry verticals. We remain bullish on our new logo outlook and would like to highlight three noteworthy factors bolstering the growth. First, Grid Dynamics remains highly relevant in the current macro environment where customers are increasingly seeking partners with strong technology differentiation and relevant to achieving the customer's critical business objectives. Second, we benefit from our deep relationships and partnerships with large cloud providers and major software platforms. Third, our focus on building domain expertise across industry verticals (part of our GigaCube efforts) is paying off.Grid Dynamics' global \"Follow-the-Sun\" strategy caters to clients across time zones with delivery centers in Central Europe, Americas, and India and is becoming increasingly attractive. Progress is well underway in integrating recently acquired U.S.-based firms, Mutual Mobile and NextSphere Technologies, with a strong presence in India.Grid Dynamics AI engagements are based on more than seven years of internal research and successful implementations. We are witnessing exponential interest in our Enterprise AI solutions, particularly in Generative AI,...