Business
Grid Dynamics Reports Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter Revenue of $80.6 million and Full Year Revenue of $310.5 millionSAN RAMON, CA / ACCESSWIRE / February 23, 2023 / Grid Dynamics Holdings, Inc.
About this update from Grid Dynamics Holdings, Inc.
[{"type":"text","content":"Fourth Quarter Revenue of $80.6 million and Full Year Revenue of $310.5 millionSAN RAMON, CA / ACCESSWIRE / February 23, 2023 / Grid Dynamics Holdings, Inc. (Nasdaq:GDYN) (\"Grid Dynamics\", \"the Company\"), a leader in enterprise-level digital transformation, today announced results for its fourth quarter and full year ended December 31, 2022.We are pleased to report revenue of $80.6 million in the fourth quarter 2022 that exceeded our outlook of $77 million to $78 million that we provided in November 2022. Revenues in the fourth quarter of 2022 were almost unchanged on a sequential basis and grew by 21.1% on a year-over-year basis.Our non-retail industry verticals representing 68.2% of revenue in the fourth quarter grew 22.9% on a year-over-year basis remaining almost on the same level compared to third quarter of 2022. Totaling 33.7% of our fourth quarter revenue, the Technology, Media and Telecom (\"TMT\") was our largest vertical and grew 3.1% on a sequential basis and 38.8% on a year-over-year basis. The growth in the quarter was driven by a combination of our large Technology customers growing and new logo revenue contribution. Our Retail vertical, at 31.8% of our fourth quarter revenue, remained almost unchanged on a sequential basis and grew 17.4% on a year-over-year basis. Our Finance vertical, representing 7.7% of our fourth quarter revenue, grew 2.8% on a sequential basis and 30.6% on a year-over-year basis and this was largely due to growth from our Banking customers. Our CPG and Manufacturing vertical, representing 17.5% of our fourth quarter revenue, declined (12.3)% on a sequential basis and grew 3.4% on a year-over-year basis.\"In 2022 we have achieved record annual revenues. It was one of the best years in terms of growth in the Company's history. Our revenue grew by 47% on a year-over-year basis and have almost tripled since 2020, our first year of being a public company. We also performed above our long-term target operating model for the second consecutive quarter. Despite market conditions we added 13 new enterprise customers to our organic business making it one of the highest number of new logos ever in one quarter. This is a testament of our differentiation, technical competency, and business value we bring to our customers. Equally important, we entered the first quarter of 2023 with a robust pipeline ...