Shares of technology consulting firm EPAM Systems (NYSE: EPAM) plunged on Monday, down 21.7% as of 3:51 p.m. ET.
The IT consulting firm has had a rough go of it over the past 18 months or so, as the broader tech slowdown hurt its growth. In addition, EPAM also had significant business in Russia, which it exited last year, with many employees in Ukraine and Belarus. Even today, Ukraine is still the country with the most delivery professionals for EPAM, with about 10,500 IT consultants there, or roughly 20% of its workforce.
While some may have thought the tech world had hit bottom last quarter, it appears demand for EPAM's services is still stagnant, and could remain so for the rest of the year, as today's preannouncement showed.
Source Fool.com