Virtusa reports 32% revenue bump, but $7.4M in Q1 losses
Town of Westborough
Virtusa's headquarters at 2000 West Park Drive in Westborough
Southborough global IT firm Virtusa is facing a $7.4-million loss in its first quarter despite its revenues jumping 32 percent year-over-year and 6.6 percent sequentially.
The losses come from foreign currency transactions and interest, according to the company’s earnings report, which listed expenses of $10.7 million and $4.2 million, respectively.
On a per-share basis, the quarter was a loss of $0.25 compared to year-over-year earnings of $0.10 and $$0.06 in the fourth quarter.
However, the company reported $300 million in revenues, a significant increase from both the $227.3 reported in for last year’s first quarter and the $281.3 million in the fourth quarter.
Virtusa said its second quarter is expected to be stronger, with revenues between $301 million and $309 million and per-share earnings to be back in the black between $0.09 to $0.13.
For the year, the company is forecasting up to $1.27 billion in revenues and per-share earnings between $0.09 to $0.19.
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