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Magic Software Enterprises Ltd (symbol: MGIC) is a leading provider of software solutions and IT professional services. With over 30 years of experience, the company empowers customers and partners globally with advanced technology that ensures a multi-channel user experience. Their future-proof platforms offer a productive environment for streamlined development and deployment, facilitating the effective integration of core business applications. This includes scalable deployments across multiple channels such as on-premise, web (HTML5), rich internet, mobile, and SaaS.
Magic Software operates through two main segments: Software Services and IT Professional Services. The latter generates the maximum revenue by offering comprehensive IT services in infrastructure design, application development, technology planning, implementation services, communication solutions, and supplemental outsourcing services.
The company leverages strategic alliances with global IT leaders, including IBM, Microsoft, Oracle, Salesforce, and SAP, to help clients seamlessly adopt new technologies and maximize business opportunities. With a presence in over 50 countries and 14 regional offices, Magic Software maintains a strong global footprint and collaborates closely with its clients to deliver tailored solutions.
Most of Magic Software's revenue is derived from the United States, but it also has significant operations in Israel, Europe, Japan, and other countries. The company's recent achievements include robust financial performance for the second quarter of 2023 and the declaration of a dividend for the first half of 2023.
With millions of installations worldwide, Magic Software's products and services are designed to be deployed with minimal effort while maximizing existing assets. Their innovative, metadata-driven approach ensures that clients get the most out of their technological investments.
Magic Software Enterprises (NASDAQ and TASE: MGIC) reported its financial results for Q2 and H1 2024. Key highlights include:
- Q2 2024 revenues decreased by 1.0% to $136.3 million
- Q2 2024 GAAP operating income decreased by 2.6% to $15 million
- Q2 2024 non-GAAP operating income decreased by 1.2% to $18.2 million
- Q2 2024 GAAP net income decreased by 20% to $9.0 million
- H1 2024 revenues decreased by 4.7% to $267.0 million
- The company reiterated its 2024 annual revenue guidance of $540-$550 million
Despite challenges in the macroeconomic landscape, particularly with North American blue-chip clients, the company remains optimistic about future growth and continued improvement in business performance.
Magic Software Enterprises (NASDAQ and TASE: MGIC), a global provider of IT consulting services and end-to-end integration and low-code application development platforms, has announced that it will report its financial results for the second quarter of 2024 on Wednesday, August 14th, 2024. The company will host a conference call on the same day at 10:30 a.m. Eastern Daylight Time (17:30 p.m. Israel Daylight Time) to review and discuss the results.
Interested parties can participate in the call by dialing specific numbers for North America, UK, Israel, and other locations. A replay of the call will be available on the company's website for those unable to join live.
Magic Software (NASDAQ: MGIC) reported its Q1 2024 financial results, showing a decrease in revenues by 8.2%, reaching $130.7 million compared to $142.4 million in Q1 2023. The company's gross profit also declined by 5.6% to $36.7 million. Operating income fell by 6% to $14.4 million, and net income attributable to shareholders decreased by 13% to $8.8 million. Despite the downturn, Magic Software's cash flow from operating activities improved to $27.7 million, and the company retains significant cash reserves of $125.9 million. The annual revenue guidance for 2024 remains between $540 million and $550 million. A dividend of 20.4 cents per share, totaling approximately $10 million, will be paid on July 11, 2024. The dividend reflects 70% of distributable profits for H2 2023.
Magic Software reported its Q1 2024 financial results, highlighting a decline in revenues by 8.2% year-over-year to $130.7 million. Gross profit decreased by 5.6% to $36.7 million, and net income dropped by 13% to $8.8 million. Diluted EPS fell from $0.21 to $0.18. The company reiterated its annual revenue guidance of between $540 million and $550 million. Despite the revenue decline, cash flow from operations increased significantly to $27.7 million. A semi-annual dividend of 20.4 cents per share was declared, payable on July 13, 2024. The decrease in revenue was attributed to a reduction in demand from major U.S. clients.
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