Magic (MGIC) has released an update.
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Magic Software Enterprises reported a 10.4% increase in revenues for Q3 2024, reaching $143 million, and an 18% rise in net income, showcasing strong performance despite challenges earlier in the year. However, the first nine months of 2024 saw only a 0.1% increase in revenues compared to the previous year, largely due to a significant decline in demand for services from major U.S. clients. This impacted the overall financial results, with net income for the nine-month period dropping by 8% due to increased interest expenses and foreign exchange rate fluctuations.
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