Magic Software (MGIC) has released an update.
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Magic Software Reports a Decline in Q1 2024 Financials, with revenues dropping 8.2% to $130.7 million and net income down by 13.0% to $8.8 million, compared to the same period last year. The company attributes the decrease to a significant drop in demand from key U.S. clients and higher interest expenses. Despite these setbacks, Magic Software reaffirms its 2024 revenue guidance of $540-550 million and declares a dividend payout of 20.4 cents per share.
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