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Benzinga
Benzinga
Business
Anusuya Lahiri

Grid Dynamics Boosts Q1 Revenue Outlook; Expands Workforce Outside Of Eastern Europe

Eastern Europe Central Europe Mexico Nasdaq United States India
  • Grid Dynamics Holdings Inc (NASDAQ:GDYN) announced an upward revision of its Q1 2022 financial performance outlook.
  • Grid Dynamics raised its Q1 quarterly revenue guidance to at least $65 million from the previous guidance of $55 million - $60 million, against the consensus of $57.3 million.
  • Grid Dynamics continues to swiftly grow its engineering workforce outside of Eastern Europe while accelerating relocations from Eastern Europe to Central Europe, Mexico, and other locations.
  • The number of employees based in Eastern Europe comprises about half of the company's total headcount, down from more than two-thirds as of February 24, 2022.
  • Grid Dynamics accelerates workforce expansion across geographic regions, including Central Europe, the U.S., Mexico, and India.
  • Price Action: GDYN shares traded higher by 3.77% at $14.60 on the last check Wednesday.
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