EPAM Systems (NYSE: EPAM) reported Q1 EPS of $0.72, $0.02 worse than the analyst estimate of $0.74. Revenue for the quarter came in at $324.7 million versus the consensus estimate of $316.47 million.

“Our first quarter results confirm our ability to successfully deliver business value to our customers around the world through our transformative technology solutions,” said Arkadiy Dobkin, CEO & President, EPAM. “We continue to invest in our consultative capabilities and new, emerging technologies to constantly evolve our offerings and strengthen our position as a leader in digital business solutions.”

• Revenues increased to $324.7 million, a year-over-year increase of $60.2 million, or 22.7%;
• In constant currency, revenue was up 23.9% year-over-year;
• GAAP income from operations was $31.0 million, an increase of $0.7 million or 2.1% compared to $30.3 million in the first quarter of 2016;
• Non-GAAP income from operations was $49.3 million, an increase of $6.3 million, or 14.6%, compared to $43.0 million in the first quarter of 2016;
• Diluted earnings per share (EPS) on a GAAP basis was $0.44, a decrease from $0.45 in the first quarter of 2016;
• Non-GAAP diluted EPS was $0.72, an increase from $0.66 in the first quarter of 2016.
• Stronger than expected revenue performance in the first quarter was partially driven by favorable movements in exchange rates. Further, operating results in the quarter were impacted by several unanticipated items, including higher than expected stock-based compensation and a one-time expense, that adversely affected GAAP net income.

For earnings history and earnings-related data on EPAM Systems (EPAM) click here.