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EPAM stock tumbles to lead S&P 500 losers after withdrawing guidance following Russia’s invasion of Ukraine

Shares of EPAM Systems Inc.

tumbled 9.8% to pace all S&P 500

components in premarket losses, after the provider of digital platform engineering services said it was withdrawing its financial guidance as a result of “military actions” in Ukraine. The company had said in its fourth-quarter earnings report out Feb. 17 that it expected first-quarter revenue of $1.17 billion to $1.18 billion and 2022 revenue of at least $5.15 billion, which compared with the FactSet consensus at the end of January for first-quarter revenue of $1.11 billion and 2022 revenue of $4.87 billion. EPAM said in its 10-K annual report filing late Friday that its largest delivery centers were located in Ukraine, Belarus and Russia. As of Dec. 31, it had 12,389 delivery professionals in Ukraine, 9,416 in Belarus and 8,933 in Russia. “EPAM’s highest priority is the safety and security of its employees and their families in Ukraine. The company is proactively working to relocate its employees to lower risk locations in Ukraine and neighboring countries.” The company stated on Monday. The stock, which tumbled 13.7% last week, is on track to open at the lowest price seen during regular-session hours since March 9, 2021. It has plunged 37.2% over the past three months through Friday, while the S&P 500 slipped 4.6%.

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