Sapient Corp. (SAPE) Thursday said its profit for the first quarter declined, due mainly to higher operating expenses, notwithstanding a growth in revenues.
The Boston, Massachusetts-based company reported a first-quarter net profit of $9.48 million or $0.07 per share, compared to $12.16 million or $0.09 per share last year.
Adjusted earnings for the quarter dropped to $0.11 per share from $0.12 per share in the prior-year quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.09 per share for the quarter. Analysts' estimates typically exclude special items.
For the quarter, total operating expenses increased to $253.29 from $231.41 million last year.
Total gross revenues for the quarter grew to $269.41 million from $249.89 million in the prior-year quarter. Ten analysts had a consensus revenue estimate of $266.12 million for the quarter.
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