EPAM Systems stock tumbles to pace the S&P 500 decliners amid concerns over Russia exposure
Shares of EPAM Systems Inc. tumbled 11.7% toward an 11-month low in morning trading Thursday, enough to pace the S&P 500's decliners, as Russia's invasion of Ukraine weighed on provider of digital platform engineering services. The stock is headed for the biggest one-day percentage selloff since it plunged 16.6% on March 16, 2020. In the company's 10-Q filing for the third-quarter, filed in November, the company said third-quarter revenue from Russia was $44.6 million, or 4.5% of total revenue of $988.5 million. Of the Russia-based revenue, $31.5 million, or 70.7%, was in financial services, which are likely to suffer a heavy toll from U.S. sanctions on Russia, while travel and consumer revenue was $7.9 million, or 17.7%. EPAM's stock has sunk 40.5% over the past three months, while the S&P 500 has shed 11.5%.
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