Virtusa operated $200K in the red for the quarter, as revenues fell 6%
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Virtusa's Southborough headquarters
Information technology company Virtusa, based in Southborough, reported a $193,000 loss in its net income for the company's first quarter, according to an earnings report issued Thursday.
During the same quarter last year, the company reported nearly $4.8 million in profits.
Virtusa reported $301.1 million in revenue for the quarter. That figure represents a 5.6% decrease from the same time period last year, when the company reported revenue of $319 million.
At the same time, the company reported GAAP income from operations at $7.2 million for the quarter, compared to $13.4 million for the same time period in the fiscal year prior, reflecting a 47% decrease, according to the report.
“We are pleased with our better than expected financial results and strong execution in the fiscal first quarter,” said Kris Canekeratne, Virtusa’s chairman and CEO, in a statement. “COVID-19, despite its challenges, has created new opportunities for us to strengthen our position as a leading digital transformation provider to Global 2000 enterprises.”
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