Magic Software Enterprises Ltd. (MGIC) Releases Earnings Results, Misses Expectations By $-0.04 EPS

Magic Software Enterprises Ltd. (MGIC) reported quarterly earnings results on Wednesday, Aug-10-2016. The company reported $0.12 earnings per share for the quarter, missing the analyst consensus estimate by $-0.04. Analysts had a consensus of $0.16. The company posted revenue of $47.40 million in the period, compared to analysts expectations of $47.36 million. The company’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 EPS.

Magic Software Enterprises Ltd. opened for trading at $7.49 and hit $7.6 on the upside on Monday, eventually ending the session at $7.56, with a gain of 2.16% or 0.16 points. The heightened volatility saw the trading volume jump to 44,761 shares. Company has a market cap of $335 M.

Magic Software Enterprises Ltd. is a provider of application development business process integration and selected vertical software solutions and related professional services. The Company is also a vendor of information technology (IT) outsourcing services. The Company operates through two business segments: software services and IT professional services. The software services segment includes software technology and complementary services. The IT professional services segment offers IT services in the areas of infrastructure design and delivery application development technology planning and implementation services and communications services and solutions. Its product portfolio includes Magic xpa Application Platform a platform that develops and deploys business applications; AppBuilder Application Platform a platform that builds deploys and maintains mainframe-grade business applications and Magic xpi Integration Platform a platform for application integration.

Magic Software Enterprises Ltd.

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