EPAM's profits fell sixfold, and the company spent 3 33 million on relocating specialists from Russia and Belarus.

EPAM's net income fell from.114.7 million in the second quarter of 2021 to. 18.6 million in the second quarter of this year. This is stated in the financial statements published by the company.

Revenue in the second quarter was.1.195 billion, which is 35.6% more (or. 313.5 million) than last year. This figure was higher than previous forecasts. Earlier, the company estimated that revenue would be 1 1.14 billion.

In the first half of 2022, rhubarb company grew from almost.1.7 billion to. 2.3 billion compared to last year.

At the same time, the company's net profit declined significantly. If in the second quarter of 2021 the amount was almost 1 114.7 million, this year it is $18.6 million. However, for the first half of the year, the difference is much smaller — twice: $223.7 million last year against.108.3 million this year.

Such a difference, in particular, may be associated with losses from the exchange rate difference. For half a year in 2021, it amounted to almost.2.4 million, and in the same period of this year — already $108.7 million. The difference between the second quarters of the previous year and this year is as follows: 4 4.7 million against 8 85.9 million.

EPAM spent more than 3 33 million on relocating its specialists from Russia and Belarus. This includes payment for moving, accommodation, and meals. The company hopes that these expenses will not be repeated "when the crisis subsides and operations return to their usual state."

In addition, due to the withdrawal from Russia, the company lost 3 35.2 million. EPAM lost more than EP 19.5 million, in particular, due to the depreciation of assets, and even more than понад 16 million — due to the dismissal of specialists.

The company also allocates 1 100 million for humanitarian support to Ukraine. We are talking about supporting "EPAM professionals and their families in Ukraine and those who are located outside its borders." Currently, these costs amount to more than 3 34 million.

The total number of EPAM specialists as of June 30, 2022 is about 61,300 people. Of these, 54,850 work specifically on IT projects. Therefore, the company's staff (namely developers, designers and consultants) has expanded by more than 28% compared to the same period last year.

EPAM expects revenue of at least.1.210 billion in the third quarter. This will reflect an annual growth rate of at least 22%, which includes the adverse impact of currency conversion of about 4%.