Virtusa posts solid revenue in Q2

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.