Business
Grid Dynamics Reports First Quarter 2022 Financial Results
Record Revenue of $71.4 million, up 7.3% sequentially and 82.5% year-over-yearSAN RAMON, CA / ACCESSWIRE / May 5, 2022 / Grid Dynamics Holdings, Inc.
About this update from Grid Dynamics Holdings, Inc.
[{"type":"text","content":"Record Revenue of $71.4 million, up 7.3% sequentially and 82.5% year-over-yearSAN RAMON, CA / ACCESSWIRE / May 5, 2022 / Grid Dynamics Holdings, Inc. (Nasdaq:GDYN) (\"Grid Dynamics\"), a leader in enterprise-level digital transformation, today announced results for the first quarter ended March 31, 2022.We are very pleased to report another record quarter of revenue in the company's history. Our revenue of $71.4 million in the first quarter of 2022 was up 7.3% on a sequential basis and 82.5% on a year-over-year basis and this marked the fifth consecutive quarter of record revenues in the company's history. During the first quarter we witnessed growth across most of our verticals and customers. Based on current demand trends, we enter into the second quarter of 2022 with confidence as our customers increasingly engage us as a preferred partner for digital transformation initiatives.Our non-retail industry verticals represented 67.4% of revenue in the first quarter and grew 7.7% on a sequential basis and 58.8% on a year-over-year basis. Totaling 30.0% of our first quarter revenue, the Technology, Media and Telecom (\"TMT\") vertical grew 9.6% on a sequential basis and 48.8% on a year-over-year basis. During the quarter some of our largest customers continued to grow with us as we expanded into new geographies. Our Retail vertical, at 32.6% of our first quarter revenue, grew 6.6% on a sequential basis and 163.4% on a year-over-year basis. Within this vertical, we witnessed growth across our e-commerce retailers and department store customers. Our CPG and Industrial vertical, representing 21.0% of our first quarter revenue, grew 9.9% on a sequential basis and 71.7% on a year-over-year basis.During the first quarter, we had a total of 213 customers including 195 coming from our organic business and 18 from Tacit and were up by 29 compared to 184 customers in the first quarter of 2021. In the quarter we added 6 new enterprise customers, 4 of which came from the TMT vertical.\"Our first quarter results and second quarter guidance shows Grid Dynamics is a company which is capable to demonstrate its excellence under difficult conditions. More importantly, this is a testament of our capabilities which clients continue to appreciate. Over the past couple of months, we have made tremendous progress across multiple facets of our business. Th...