EPAM dives on war uncertainty

Tom Paine

EPAM Systems this morning withdrew its guidance for the firsr quarter and full year 2022 ”due to heightened uncertainties and regional impacts resulting from military actions in Ukraine”.

Newtown-based EPAM Systems, whicb has significant chunks of it workforce in Russia and Belarus as well as Ukraine, is down a stunning 47& at mid-day (NYSE:EPAM)

This is a very successful, muti-billion dollar company listed on the NYSE.

Over the weekend, EPAM CEO Arkadiy Dobkin issued a statement that included the following:

“With over 14,000 people in Ukraine, we are for the first time in the middle of real civil and humanitarian crisis, in the middle of the war with tens of millions of people in danger. We do know everything firsthand, in real time. And despite the unity of practically the entire world against the aggression, we are seeing a catastrophic loss of life happening as we speak. 

At this point, we are doing absolutely everything we can to save, help and support logistically and financially Ukrainian EPAMers and their families. We are doing it through a network of tens of thousands of volunteers, and with help of all our regional support teams in locations across Europe and EPAM global. And we will continue to do so relentlessly.

Today we stand United in support of the people of Ukraine and against all forms of aggression against them. The war must be stopped NOW.”