On May 8, 2024, Epam updated its guidance for the full year and 2Q that was below expectations. Management blamed it on the macro environment, specifically the “demand not improving to the degree expected.” Analysts commenting on the lowered guidance noted the Company’s lack of visibility and surprise at the magnitude of the guide down.

Following this news, Epam’s stock price fell by $67.27 per share, or approximately 27% to close at $181.93 per share.