Business
Grid Dynamics Reports First Quarter 2020 Financial Results
First Quarter Revenue of $32.5 million, up 24% year-over-year SAN RAMON, Calif.--(BUSINESS WIRE)-- Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid
About this update from Grid Dynamics Holdings, Inc.
[{"type":"text","content":"\nFirst Quarter Revenue of $32.5 million, up 24% year-over-year\n\n SAN RAMON, Calif.--(BUSINESS WIRE)--\nGrid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a leader in enterprise-level digital transformation, today announced results for the first quarter ended March 31, 2020.\n\n\n“We are pleased to report solid first quarter 2020 financial results, reflected in our strong year-over-year growth of 24%, and we are excited to begin a new chapter as a publicly traded company,” said Leonard Livschitz, chief executive officer of Grid Dynamics. “The COVID-19 pandemic is an unprecedented crisis with no comparable in recent times. Across our customer base, the response to the pandemic has been varied and motivated by both company specific as well as industry specific dynamics. Given that, our priorities and focus have been centered around the health and safety of our global team members and their families, working closely with our customers as they navigate through these challenging times, and ensuring our execution is flawless. Although we had a strong first quarter performance, the strength in the quarter was offset by the economic deterioration caused by COVID-19 starting in the second half of March onwards. Our first quarter results would have been stronger, both on top-line revenue, and even more so on profitability, had we not experienced the negative impacts of the pandemic. That said, we exited the quarter with 37 customers, up from 24 in the same period a year ago and subsequent to the quarter end, we have added 5 additional new customers which is a testament of Grid Dynamics value in the world of accelerated digital transformation. The impact resulting from COVID-19 has been more pronounced at some of our retail customers while other client segments have been less affected. To ensure Grid Dynamics successfully navigates through this crisis, we have put in place initiatives to leverage new customer partnerships, sharpen our R&D efforts, and ensure financial discipline. This crisis will serve as a catalyst for Fortune 1000 enterprises to accelerate their investments in digital transformation programs, and we strongly believe Grid Dynamics will be their partner of choice. Our unique capabilities, agile global delivery model, and deep domain expertise position us extremely well to capture this demand, and we are excit...