12:56 PM EDT, 05/09/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

EPAM Systems' ( EPAM ) shares dropped nearly 25% in recent Thursday trading, hours after reporting Q1 adjusted earnings of $2.46 per diluted share, down from $2.47 a year earlier.

Analysts surveyed by Capital IQ expected $2.31.

Revenue for the quarter ended March 31 was $1.17 billion, down from $1.21 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.16 billion.

EPAM ( EPAM ) said it expects Q2 adjusted EPS of $2.21 to $2.29 on revenue of $1.14 billion to $1.15 billion. Analysts surveyed by Capital IQ are expecting adjusted EPS of $2.44 and revenue of $1.18 billion.

Adjusted EPS for the year is projected to be $10 to $10.30, the company said. That compares with $10 to $10.40 previously. Analysts polled by Capital IQ expect $10.17.

Revenue for the year is now expected to be in the range of $4.58 billion to $4.68 billion, down 1.4% at the midpoint of the range. The company previously guided for 1% to 4% revenue growth. Analysts polled by Capital IQ expect $4.81 billion.

Price: 187.83, Change: -61.37, Percent Change: -24.63