EPAM to Discontinue Services in Russia

EPAM Systems, Inc. (NYSE: EPAM) has announced its plans to stop providing services in Russia due to the ongoing unrest between Russia and Ukraine.

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EPAM engages in the provision of software product development and digital platform engineering services. The firm’s services include product research, customer experience design and prototyping.

The company said that since it does not work for the Russian government, it will continue to be in full compliance with all sanctions. Also, it is evaluating other operations in the region.

EPAM added that it continues to expand the business and hire across multiple locations in Central and Eastern Europe, Latin America and India.

“What is happening in Ukraine is deeply personal for us. Our colleagues around the world are united in support for our 14,000 fellow team members in Ukraine and their families. We are doing everything possible to support our Ukrainian colleagues and friends. We thank our global team members, who are working tirelessly to ensure consistent service, and our global customers for their support and continuous trust in us,” said Arkadiy Dobkin, CEO & President of EPAM.

EPAM Earnings

The company’s EPS for Q1 2022 is estimated to reach $2.11. EPAM stock earnings beat estimates in all the quarters of 2020 and 2021, and given the impressive earnings history, it will likely beat estimates again in Q1.

Overall, the analysts are cautiously optimistic about the stock with a Moderate Buy consensus rating based on 8 Buys and 4 Holds.

Bloggers Weigh In

TipRanks data shows that financial blogger opinions are 100% Bullish on EPAM, compared to a sector average of 69%.

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