Global business consulting and IT outsourcing firm Virtusa Corporation announced USD210m revenue in Q2 of this year, up 46.9% year-on-year. In a statement, Virtusa said its net income for Q2 was USD3.2m, compared to a net loss of USD6.3m for Q1 of fiscal 2017. Net income in Q2 of fiscal 2016 was USD11.1m. The fiscal Q2 saw Virtusa commence work with 12 new clients. The outsourcing firm, with Sri Lankan founders, ended Q2 of fiscal 2017 with USD227.3m of cash, cash equivalents, and short-term and long-term investments. Cash flow from operations was USD25.2m for Q2 of 2017. Virtusa’s Chairman and CEO Kris Canekeratne sees a bright future for Virtusa. He said while market conditions remain challenging, Virtusa continues to see healthy demand for its solutions. Headquartered in the US, Virtusa has an office in Taguig City, Philippines.
Join the world's premier outsourcing community
Get the world's leading outsourcing news summary, Inside Outsourcing, delivered to your inbox each week, for free. Plus, benefit from being a part of the fastest growing outsourcing community.
- Breaking news: daily web updates with outsourcing sector updates
- Newshub: Browse over 4,000 outsourcing industry news items
- Access: get outsourcing white papers, guides, articles, videos and podcast episodes
- BPO community: join our extensive outsourcing community
- Cancel anytime: zero obligation, no spam, just great information