share_log

Earnings Call Summary | Magic Software Enterprises(MGIC.US) Q1 2024 Earnings Conference

Futu News ·  May 17 06:42  · Conference Call

The following is a summary of the Magic Software Enterprises Ltd. (MGIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Magic Software reported Q1 2024 revenues of $130.7 million, a decline of approximately 8.2% from the first quarter of 2023 due to significant currency fluctuations and an unexpected decline in demand for professional services from key U.S.-based customers.

  • Despite these challenges, the company maintained its non-GAAP operating margin at approximately 13.9% of revenues.

  • Magic's gross margin for Q1 2024 showed an increase, moving up by 110 basis points to reach 29.3% of revenue.

Business Progress:

  • Magic continues to focus on AI low-code, no-code, and services offerings as they are deemed critical for customer's ongoing digital transformation initiatives.

  • The company is exploring opportunities in cloud technology and managed services.

  • With a keen vision to guide businesses through optimal cloud migration strategies, Magic aims to prevent potential pitfalls.

  • The company considers GenAI to be a major change-agent in the cloud industry and is strategically positioned to leverage its solutions for customer benefits.

More details: Magic Software Enterprises IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment