WASHINGTON, D.C. – The U.S.-Ukraine Business Council (USUBC) member, international IT company EPAM has issued a Report on its Result for the Second Quarter of 2022 showing revenues of $1.196 billion – a 35.6% year-over-tear growth. Nevertheless, the harmful impact of the Russia’s war on Ukraine on the business operations is obvious.

The net income of the second quarter of 2022 is 6 times less than the second quarter of 2021 ($18.6 million compared to $114.7 million last year). The losses of $16,22 million are related to the EPAM’s exit from the Russian Federation, announced in its Press Release on March 4, 2022.

EPAM also committed $100 million for humanitarian support in response to Russia’s invasion of Ukraine. This commitment includes support for EPAM employees and their families, who had to flee war-affected territories. As of now these expenses are estimated at more than $34 million as conveyed by Forbes-Ukraine. Besides that, EPAM spent $33.07 million on relocation of its employees from the Russian Federation and Belarus.

Despite all the challenges, the outlook for the third quarter of 2022 is promising with a 22% projected growth in revenues at the level of $1,210 billion. One of the largest IT outsourcing companies in Ukraine is paying its price and part in overcoming the effects of the unprovoked unjust inhumane Russia’s war on Ukraine.

U.S.-Ukraine Business Council salutes EPAM’s and all our members’ input in supporting Ukraine’s economy and people, while distancing from any form of financing Russia’s military.

NOTE:  EMAM is a long-time member of the U.S.-Ukraine Business Council.

EPAM website: https://www.epam.com/