Digital engineering and information technology outsource company Virtusa (VRTU) - Get Virtusa Corporation Report fell sharply Thurday following fourth-quarter earnings that missed analysts' forecasts.
The Massachusetts-based company reported fourth-quarter net income of $8.4 million, or 46 cents per share, on revenue of $327.6 million. Analysts polled by FactSet were expecting the company to report earnings of 62 cents per share on revenue of $330 million.
"Deep digital is becoming a significant part of our clients' transformation agenda in all industries, and Virtusa is incredibly well positioned to capitalize on this multi-year wave. Our years of investment in deepening our industry knowledge and expanding our digital engineering competency are elevating our status as the digital partner of choice for our clients," said CEO Kris Canekeratne.
For the current quarter, the company said it expects revenue to range between $313 million and $321 million. Analysts polled by FactSet are modeling for the company to generate $322.1 million in revenue.
Virtusa shares declined 18.1% to $44.39 on Thursday.