Revenue during the quarter grew 22.75 percent to $324.65 million from $264.48 million in the previous year period. Gross margin for the quarter contracted 70 basis points over the previous year period to 36.01 percent. Total expenses were 90.46 percent of quarterly revenues, up from 88.53 percent for the same period last year. That has resulted in a contraction of 193 basis points in operating margin to 9.54 percent.

Operating income for the quarter was $30.97 million, compared with $30.33 million in the previous year period.

However, the adjusted operating income for the quarter stood at $49.26 million compared to $42.99 million in the prior year period. At the same time, adjusted operating margin contracted 108 basis points in the quarter to 15.17 percent from 16.25 percent in the last year period.

"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."

For fiscal year 2017, EPAM Systems, Inc. forecasts revenue to grow at 21 percent. The company expects operating income to grow in the range of 12 percent to 14 percent and expects adjusted operating income to grow in the range of 16 percent to 18 percent. It expects diluted earnings per share to be $2.45 and the company projects diluted earnings per share to be $3.38 on adjusted basis.

For the second-quarter, EPAM Systems, Inc. forecasts revenue to grow at 20 percent. The company expects operating income to grow in the range of 11 percent to 12 percent  and expects adjusted operating income to grow in the range of 16 percent to 17 percent. It expects diluted earnings per share to be $0.55. On an adjusted basis, the company projects diluted earnings per share to be $0.80.