Magic Software Enterprises Ltd Stock Price, News & Analysis

Magic Software Enterprises (MGIC) reported strong financial results for the fourth quarter and the full year ended December 31, 2022. Net income surged by 38.6% YoY to a record $40.7 million, with revenues hitting $566.8 million, up 18.0% YoY. Q4 revenues reached $147.1 million, marking a 10.6% increase, while diluted EPS rose to $0.20. Non-GAAP metrics also showed growth, with non-GAAP net income for the year climbing to $52.0 million. The company introduced a 2023 revenue guidance of $585-$593 million, suggesting a favorable outlook. A cash dividend of 30 cents per share was declared, reflecting confidence in financial health.

Magic Software (MGIC) announced strong financial results for Q3 2022, with record revenues of $144.0 million, reflecting a 19.1% year-over-year increase. Operating income surged 34% to $16.1 million, and net income rose 53.3% to $11.5 million, with diluted EPS at $0.23. For the first nine months, revenues grew 20.8% to $419.6 million, with annual guidance adjusted upward to $555-$565 million. The growth is attributed to increasing demand for their digital technology solutions and continued investment in innovation.

Magic Software Enterprises (MGIC) reported strong second quarter 2022 results, with revenues reaching $137 million, up 15% year-over-year. Operating income also increased by 16% to $14.7 million. Non-GAAP financial metrics mirrored this growth, with non-GAAP operating income at $17.6 million, a 10% rise. Additionally, net income rose 21.9% to $9.5 million, maintaining diluted EPS at $0.16. For the first half of 2022, revenues grew 21.7% to $275.7 million. The company raised its annual revenue guidance to $545-$555 million, reflecting 13.5% to 14.5% growth.