Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) recently released a strong Q2 2021 report strong demand and record revenue led to better forecasts.
Grid Dynamics’ revenue in the second quarter increased 113.1% year over year to $46.7 million. The GAAP loss for the quarter was $1.5 million, or $0.03 per share. Stock of cash and equivalents have decreased to $68 million, which is due, among other reasons, to acquisitions.
Grid Dynamics Holdings, Inc. (GDYN) recently acquired Tacit Knowledge’s professional experience management service as well as Daxx Web Industries’ remote recruiting service. Sales and audience growth increased as a result of these purchases. The number of customers reached 212 in the second quarter, of which 161 were acquired through acquisition. Grid Dynamics has gained five new clients.
Since Grid Dynamics entered the public market in March 2020, its revenue has doubled and its principal has been repaid. The firm offers digital transformation services, as well as useful services for locating and attracting engineering personnel for projects.
GDYN offers accelerated application development and commercial deployment of applications utilizing machine learning, big data analytics, and other modern technologies. The demand for these types of services is growing in modern times, as a result of the increasing complexity of projects and a staff shortage.
GDYN’s share price was $23.97 at the close of trading on August 10. The market capitalization was $1.21 billion.