EPAM Systems is trading 12.7% down at $95.89 following its second-quarter 2026 earnings release, despite beating Q2 estimates with revenue growing 4.5% to $1.415 billion and non-GAAP EPS rising 22% to $3.38. - The sharp sell-off comes as analysts, including Goldman Sachs who downgraded the stock to Neutral on August 5, 2026, cite greater-than-expected headwinds in discretionary spending impacting custom applications and broader services. - Management also raised its full-year 2026 guidance, yet the market is recalibrating the long-term outlook amidst weakened analyst sentiment and ongoing concerns about AI disruption.