Virtusa posts 6.5% rise in revenue, as profits stay flat
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Virtusa's Southborough headquarters
Virtusa Corp., a Southborough information-technology company, saw a 6.5% rise in revenue in the third quarter to hit $335 million, compared to the third quarter 2019, the firm announced late Thursday.
Income from operations spiked 58% to $30.4 million.
The company's profits for the quarter were $11.6 million, up from $11.5 million in the third quarter 2019. The earnings per share were 38 cents, compared to 37 cents last year.
The third-quarter numbers extends a period of growth during fiscal 2020 for Virtusa. In the last nine months, revenue is up 7% to $983 million, and operations income is up 34% to $63 million.
Expectations weren't always so high, with the company announcing last August reduced spending from a European banking client was impacting its outlook, sending its stock sinking. Virtusa's stock rose roughly 10% Friday morning on the Nasdaq following the latest earnings report.
Fourth quarter revenue is expected to be in the range of $353.4 to $361.4 million, the company said.
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