Virtusa sees Q1 loss even as revenue leaps 52%
PHOTO/Matt VOLPINI
Kris Canekeratne, Chairman and CEO, Virtusa Corp., said the company is facing headwinds.
Revenue for Westborough-based Virtusa Corp. jumped by 52.4 percent year-over-year in the first quarter of 2016, but its earnings per share took a dive and posted a $0.21 per share loss, according to a release from the company Tuesday.
The Westborough information-technology services company reported a first quarter 2017 loss of $6.3 million compared to net income of $10.1 million, or $0.34 per diluted share, for the first quarter of fiscal 2016. The company’s stock compensation expenses were up compared to the previous year’s quarter with foreign currency transactions also contributing to losses.
Kris Canekeratne, Virtusa’s Chairman and CEO, said in a statement the business “is facing headwinds arising from macro-economic uncertainty.”
The company is forecasting earnings per share for the second quarter of $0.01 to $0.05.
The news came as the company reported strong revenue of $205.5 million, a 52.4-percent year-over-year jump and 19.6 percent sequential growth.
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