Magic (MGIC) has released an update.
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Magic Software Enterprises Ltd. reported a decrease in second-quarter revenues by 1.0% to $136.3 million and a 20% drop in net income to $9.0 million, compared to the same period last year. The first half of 2024 similarly showed a revenue decrease of 4.7% to $267.0 million and a reduction in net income by 16.7%. The declines are attributed to reduced demand from U.S.-based clients and negative impacts from foreign currency exchange rates and increased interest expenses.
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