Nov 6 (Reuters) - EPAM Systems ( EPAM ) raised its

annual earnings forecast for the third time this year as

businesses spend more to modernize their systems for artificial

intelligence, sending shares of the IT consultancy firm 4%

higher in premarket trading on Thursday.

Enterprises overhauling their legacy systems in a move

towards cloud computing, automation and AI have bolstered demand

for services of companies such as EPAM ( EPAM ). Rival Cognizant also

bumped its full-year profit expectations last month on strong

AI-related spending.

EPAM ( EPAM ) now expects annual adjusted earnings between $11.36 and

$11.44 per share, up from its prior range of $10.96 to $11.12 a

share. Its revenue is now expected to grow 14.8% to 15.2% in

2025, up from 13.0% to 15.0% forecast previously.

Both the forecasts were above analysts' estimates, according

to data compiled by LSEG.

The company has also been benefiting from steady demand

across financial services, software and consumer products.

For the third quarter ended September 30, EPAM ( EPAM ) reported

revenue of $1.39 billion, topping expectations of $1.38 billion.

Adjusted earnings of $3.08 per share also beat estimates of

$3.03.