Luxoft is increasing its revenue guidance following growth in the development of software for the automative industry and expansion in the US, UK and Germany,
It now expects to reach at least $486m, an increase of at least 22% year over year, compared to a previous target of $478m.
Revenue for the three months ended June 30, 2014 increased to $112.3m, up 34% from $83.8m for the same period a year ago. EBITDA adjusted for stock based compensation and for change in fair value of contingent consideration was $19.1m and corresponding EBITDA margin was 17%, as compared to $14.4m and 17.1%, respectively, in the year-ago quarter.
"We have been enjoying a strong operational and financial momentum, which, in our view, underlines resilience of our business model," said Roman Yakushkin, Chief Financial Officer.
"We believe that the company continues to grow substantially faster than the overall custom application and software development segment as our clients focus on bringing essential innovation to market in the shortest possible time. They also increasingly prefer executing complex engagements in a fixed price, managed delivery format."