Business
Grid Dynamics Reports Second Quarter 2024 Financial Results
Record revenue of $83.0 million and GAAP Net Loss of $0.8 million SAN RAMON, Calif.--(BUSINESS WIRE)-- Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid
About this update from Grid Dynamics Holdings, Inc.
[{"type":"text","content":"\nRecord revenue of $83.0 million and GAAP Net Loss of $0.8 million\n\n\n SAN RAMON, Calif.--(BUSINESS WIRE)--\nGrid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics” or “Company”), a leader in enterprise-level digital transformation, today announced results for the second quarter ended June 30, 2024.\n\n\nWe are very pleased to report the second quarter 2024 revenues of $83.0 million that was higher than our outlook range of $80.0 million to $82.0 million that we provided in May 2024. Our Retail and Technology, Media and Telecom (“TMT”) verticals were the two largest verticals during the second quarter of 2024 with 32.2% and 28.0% of our revenues, respectively. Our Finance vertical, representing 15.1% of our second quarter revenues, grew 22.7% on a sequential basis and 86.2% on a year-over-year basis. Strength in the Financial vertical came from our finance technology and insurance customers. Our CPG and Manufacturing vertical representing 11.9% of our second quarter revenue increased 3.0% on a sequential basis.\n\n\n“I am happy to report that our second quarter revenue was the highest in the company’s history, and all of it was organic in nature. We also exited the second quarter with the highest billable engineers in the company’s history. These strong results were due to strength from both existing and new customers and are commendable given the recent backdrop of the economic cycle. It is a clear testament that our efforts to stay the course and maintain laser focus on delivering value to our clients is paying off. Our stated goals around the company’s growth, profitability, and becoming a billion-revenue company remain unchanged. In many ways, our second quarter revenue growth of 4% on a sequential basis reflects the company’s differentiation.\n\n\n“We’ve expanded our AI capabilities considerably, and now have approximately 30 solutions and service offerings targeting Fortune 500 companies across various industries. These solutions focus on enhancing revenue and reducing costs for enterprises. On the revenue side, our solutions focus on innovative customer experiences and enhanced marketing, pricing and product decisions and on the cost side the focus is centered on efficiency improvements and better regulatory compliance. Our broad offerings position us well to positively impact the business results of our customers...