Aug 8 (Reuters) - EPAM Systems ( EPAM ) beat quarterly

profit and revenue estimates on Thursday, helped by strong

demand for its IT services as businesses are increasingly

digitizing their operations.

The positive result underscores the recovery of demand for

IT services as clients are increasingly adopting cloud services

and look to deploy their own AI applications, helping companies

that provide product development services such as EPAM ( EPAM ).

The company reported second-quarter revenue of $1.15

billion, beating estimates of $1.14 billion. It posted adjusted

profit of $2.45 per share for the three months ended June 30,

compared with analysts' estimates of $2.26 apiece, according to

LSEG data.

Despite the uncertain macroeconomic conditions, global IT

spending is expected to total $5.06 trillion in 2024, an

increase of 8% from last year, according to the latest forecast

by research firm Gartner.

EPAM ( EPAM ) provides a broad spectrum of IT services, such as

consulting, cybersecurity, software engineering and product

development services.

EPAM's ( EPAM ) peers, software firms Freshworks ( FRSH ) and

Cognizant Technology Solutions ( CTSH ), raised their annual

revenue forecast and beat quarterly revenue estimates.

However, the company cut its full-year revenue outlook

and now expects it to be between $4.59 billion and $4.63

billion, compared with the earlier expectation of $4.58 billion

to $4.68 billion.

It also now sees annual adjusted profit to be in the range

of $10.20 to $10.40 per share.

The company forecast current-quarter revenue in the range of

$1.15 billion to $1.16 billion, in line with analysts' average

estimate of $1.16 billion, according to LSEG data.

It expects third-quarter adjusted profit from $2.65 to $2.73

per share, which also came in line with estimates.