Grid Dynamics Increases First Quarter 2022 Revenue Guidance, Provides Global Workforce Expansion Updates


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Key points to remember:

  • The company provides an upward revision to its outlook for the first quarter of 2022.
  • The company is accelerating the global expansion of its workforce in Central Europe, the United States, Mexico and India.
  • Around half of the company’s total workforce is present in the Eastern Europe region, up from two-thirds previously.

SAN RAMON, Calif. /ACCESSWIRE/April 6, 2022/ Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) (Grid Dynamics), a leader in enterprise-level digital engineering services and solutions, today announced an upward revision to its financial performance outlook for the first quarter of 2022.

For the first quarter, the company now expects quarterly revenue to be no less than $65 million, down from previous guidance of $55-60 million.

In terms of workforce expansion, the company continues to rapidly grow its engineering workforce outside of Eastern Europe, while accelerating relocations from Eastern Europe to Central Europe , Mexico and other sites. To date, the number of employees based in Eastern Europe represents about half of the company’s total workforce, compared to more than two-thirds as of February 24and, 2022. Grid Dynamics also continues to hire in western Ukraine. Outside of western Ukraine, the engineering workforce serving corporate accounts in Eastern Europe is less than 20% of the total workforce, down from 33% five years ago. weeks. The trend should continue.

In response to growing customer demand, the company is accelerating its workforce expansion across all geographies, including Central Europe, the United States, Mexico and India.

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About Grid Dynamics

Grid Dynamics (Nasdaq:GDYN) is a digital native technology services provider that accelerates growth and strengthens competitive advantage for Fortune 1000 companies. Grid Dynamics provides digital transformation consulting and implementation services in areas of omnichannel customer experience, big data analytics, research, artificial intelligence, cloud migration and application modernization. Grid Dynamics achieves high speed to market, quality and efficiency using technology accelerators, an agile delivery culture and its global engineering talent pool. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices in the US, UK, Netherlands, Mexico and Central and Eastern Europe.

To learn more about Grid Dynamics, visit www.griddynamics.com. Follow us on Facebook, Twitter and LinkedIn.

Forward-looking statements

This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts and involve risks and uncertainties that could cause actual results of Grid Dynamics differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “estimates”, “anticipates”, “expects”, “intends”, “expects”. , “may”, “will”, “potential”, “plans”, “predicts”, “continues” or “should” or, in each case, their negative or other variants or comparable terminology. These forward-looking statements include, but are not limited to, the statement of increased revenue guidance for the first quarter of 2022 and statements regarding Grid Dynamics’ expectations for workforce hiring and other performance. future, especially in light of the COVID-19 pandemic and the Russian invasion of Ukraine.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are beyond the control of Grid Dynamics and are difficult to predict. Factors that could cause such differences include, but are not limited to: (i) Grid Dynamics has a relatively short operating history and operates in a rapidly changing industry, which makes it difficult to assess future prospects and may increase the risk that it will not continue to be successful and adversely impact our share price; (ii) Grid Dynamics may not be able to effectively manage its growth or achieve anticipated growth, which could place significant strain on Grid Dynamics’ management personnel, systems and resources; (iii) Grid Dynamics’ revenues are highly dependent on a limited number of customers and industries that are affected by seasonal trends, and any decline in demand for outsourced services in these industries may reduce Grid Dynamics’ revenues and adversely Grid Dynamics’ business, financial condition and results of operations; (iv) the impact of the COVID-19 pandemic and the Russian invasion of Ukraine has and may continue to have a material adverse effect on our stock price, business operations and overall financial performance; (v) Grid Dynamics’ revenues are highly dependent on customers located primarily in the United States, and any economic downturn in the United States or other parts of the world, including Europe, or disruptions in credit markets may have a material adverse effect on the business, financial condition and results of operations of Grid Dynamics; (vi) Grid Dynamics faces intense and growing competition; (vii) Grid Dynamics’ inability to successfully attract, hire, develop, motivate and retain highly qualified personnel could have a material adverse effect on Grid Dynamics’ business, financial condition and results of operations; (viii) failure to adapt to rapidly changing technologies, methodologies and industry standards may have a material adverse effect on the business, financial condition and results of operations of Grid Dynamics; (ix) failure to successfully provide the contracted services or cause disruptions in the business of customers may have a material adverse effect on the reputation, business, financial condition and results of operations of Grid Dynamics; (x) the risks and costs associated with the acquisition and integration of other companies, including Daxx and Tacit; and (xi) other risks and uncertainties set forth in Grid Dynamics’ filings with the SEC.

Grid Dynamics cautions that the above list of factors is not exclusive. Grid Dynamics cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date made. Grid Dynamics neither undertakes nor accepts any obligation or undertaking to issue updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances about which any such statement is made. based. Additional information about factors that could materially affect Grid Dynamics, including its results of operations and financial condition, is set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K filed on March 3, 2022 and in other periodic documents. Grid Dynamics made with the SEC.

Contact

investorrelations@griddynamics.com

THE SOURCE: Grid dynamics

See the source version on accesswire.com:
https://www.accesswire.com/696310/Grid-Dynamics-Increases-Revenue-Guidance-for-Q1-2022-and-Provides-Updates-on-Global-Headcount-Expansion