Business
Grid Dynamics Reports First Quarter 2023 Financial Results
Revenue of $80.1 million, up 12.1% year-over-yearSAN RAMON, CA / ACCESSWIRE / May 4, 2023 / Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) ("Grid Dynamics" or
About this update from Grid Dynamics Holdings, Inc.
[{"type":"text","content":"Revenue of $80.1 million, up 12.1% year-over-yearSAN RAMON, CA / ACCESSWIRE / May 4, 2023 / Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) (\"Grid Dynamics\" or \"Company\"), a leader in enterprise-level digital transformation, today announced results for the first quarter ended March 31, 2023.We are very pleased to report first quarter 2023 revenue of $80.1 million that was up 12.1% on a year-over-year basis. Our non-retail industry verticals represented 68.3% of revenue in the first quarter, a decrease of (0.4)% on a sequential basis and an increase of 13.7% on a year-over-year basis. Totaling 33.5% of our first quarter revenue, the Technology, Media and Telecom (\"TMT\") was our largest vertical and decreased (1.3)% on a sequential basis and grew 25.0% on a year-over-year basis. Our Retail vertical, at 31.7% of our first quarter revenue, remained almost unchanged on a sequential basis and grew 9.0% on a year-over-year basis. Our Finance vertical, representing 8.1% of our first quarter revenue, grew 4.3% on a sequential basis and 43.9% on a year-over-year basis and this was largely due to growth from Banking and Insurance customers. Our CPG and Manufacturing vertical, representing 15.8% of our first quarter revenue, a decrease of (10.2)% and (15.6)% on a sequential basis and a year-over-year basis accordingly.\"I am delighted to report the first quarter results. Revenue and profitability were at the high end of our expectations. During the quarter we signed new exciting enterprise clients including a global pharmaceutical company and a US based telecommunication company. Our current pipeline for new client engagements is strong. Our partnerships continue to contribute meaningfully to new business generation. During the quarter we established new partnerships in the supply-chain and marketing areas. Our AI researchers partnered with our customers on generative AI applications for wealth management, product design, and customer support. The investment in GigaCube resulted in a business win at a global financial company demonstrating our expertise in Fintech. I am confident in our technical capabilities and flawless engineering delivery. Grid Dynamics is well positioned to execute on our strategy,\" said Leonard Livschitz, CEO.First Quarter of 2023 Financial HighlightsTotal revenue was $80.1 million, a 12.1% year-over-year increase.G...