Magic Software reports Q3 adjusted EPS 21c vs 28c last year

Reports Q3 revenue $129.5M vs $144M last year. Guy Bernstein, Chief Executive Officer of Magic Software, said: “Despite the slowdown we faced resulting from the headwind facing by some of our customers in certain sectors, we remain positive that the vast majority of our customers continue to value our unique proposition. We acknowledge that while short-term conditions are not ideal, we are nevertheless optimistic that in 2024, once the major part of the war is behind us, and our Israeli customers return to full operations, they will resume to engage us to an increasing degree as a preferred partner for innovative digital transformation initiatives. We have a well-established track record of growth, profitability, and high cash generation and the Magic team worldwide is committed to executing our strategy to return and deliver future sustainable growth and continue improving our shareholders’ value.”