Virtusa Again Reports Strong Growth
Virtusa Corp. of Westborough reported revenue growth of 19 percent in its most recent quarter, along with a 22.5-percent jump in net income as the global technology services provider continued a string of strong quarterly results.
Virtusa took in $90.5 million in revenue for the quarter ending June 30, the first of its 2014 fiscal year. That was in line with expectations, and up from $76.2 million the firm reported in the same quarter last year. The company said it expects an even higher revenue level for the second quarter, between $93.3 million and $95.5 million.
Net income for the first quarter was $7.5 million, up from $6.1 million in the first quarter last year. That translated into 30 cents per share of common stock, up from 25 cents.
“Our first quarter played out as expected, setting the foundation for strong sequential revenue growth rates throughout the remainder of the fiscal year,” said Virtusa CFO Ranjan Kalia. “We remain well positioned to drive above-market growth rates in fiscal year 2014 while delivering on our stated objective of meaningful operating margin expansion.”
(Image credit: freedigitalphotos.net)
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