{"id":777471,"date":"2023-08-14T06:39:01","date_gmt":"2023-08-14T10:39:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/magic-software-reports-second-quarter-2023-financial-results\/"},"modified":"2023-08-14T06:39:01","modified_gmt":"2023-08-14T10:39:01","slug":"magic-software-reports-second-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/magic-software-reports-second-quarter-2023-financial-results\/","title":{"rendered":"Magic Software Reports Second Quarter 2023 Financial Results"},"content":{"rendered":"
\n

\n Revenues for the <\/strong>
\n second<\/strong>
\n quarter <\/strong>
\n of<\/strong>
\n 2023 increased by <\/strong>
\n approximately <\/strong>
\n 0.4<\/strong>
\n % to a record-breaking <\/strong>
\n second<\/strong>
\n quarter result of $<\/strong>
\n 137<\/strong>
\n .<\/strong>
\n 6<\/strong>
\n \u00a0million<\/strong>
\n and 4.4% on a constant currency basis<\/strong>
\n , compared to $<\/strong>
\n 137<\/strong>
\n .<\/strong>
\n 0<\/strong>
\n \u00a0million in the same period of the previous year.<\/strong>
\n \n <\/p>\n

\n Operating income<\/strong>
\n for the <\/strong>
\n second<\/strong>
\n quarter <\/strong>
\n of 2023 increased by approximately <\/strong>
\n 3.2<\/strong>
\n % to a record-breaking <\/strong>
\n second<\/strong>
\n quarter result of $<\/strong>
\n 15<\/strong>
\n .<\/strong>
\n 4<\/strong>
\n \u00a0million<\/strong>
\n and 7.3% on a constant currency basis<\/strong>
\n , compared to $<\/strong>
\n 15<\/strong>
\n .<\/strong>
\n 0<\/strong>
\n \u00a0million in the same period of the previous year.<\/strong>\n <\/p>\n

OR YEHUDA, Israel, Aug. 14, 2023 (GLOBE NEWSWIRE) — Magic Software Enterprises Ltd. (NASDAQ\u00a0and\u00a0TASE: MGIC) (\u201cthe Company\u201d),\u00a0a global provider of IT consulting services and end-to-end integration and application development platforms solutions, announced today its financial results for the second quarter ended June 30, 2023.<\/p>\n

\n
\n Summary Results for the Second Quarter 2023 (USD in millions, except per share data)<\/u>
\n <\/strong>\n <\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n GAAP<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Non-GAAP<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Q2 2023<\/strong>\n <\/td>\n\n Q2 2022<\/strong>\n <\/td>\n\n % Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Q2 2023<\/strong>\n <\/td>\n\n Q2 2022<\/strong>\n <\/td>\n\n % Change<\/strong>\n <\/td>\n<\/tr>\n
Revenues<\/td>\n$<\/td>\n137.6<\/td>\n\u00a0<\/td>\n$<\/td>\n137.0<\/td>\n\u00a0<\/td>\n0.4%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n137.6<\/td>\n\u00a0<\/td>\n$<\/td>\n137.0<\/td>\n\u00a0<\/td>\n0.4%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross Profit<\/td>\n$<\/td>\n40.3<\/td>\n\u00a0<\/td>\n$<\/td>\n36.6<\/td>\n\u00a0<\/td>\n10.1%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n41.6<\/td>\n\u00a0<\/td>\n$<\/td>\n38.2<\/td>\n\u00a0<\/td>\n9.1%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross Margin<\/td>\n\u00a0<\/td>\n29.3%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26.7%<\/td>\n\u00a0<\/td>\n260 bps<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30.3%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27.9%<\/td>\n\u00a0<\/td>\n240 bps<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating Income<\/td>\n$<\/td>\n15.4<\/td>\n\u00a0<\/td>\n$<\/td>\n15.0<\/td>\n\u00a0<\/td>\n3.2%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n18.4<\/td>\n\u00a0<\/td>\n$<\/td>\n17.8<\/td>\n\u00a0<\/td>\n3.7%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating Margin<\/td>\n\u00a0<\/td>\n11.2%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10.9%<\/td>\n\u00a0<\/td>\n30 bps<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13.4%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13.0%<\/td>\n\u00a0<\/td>\n40 bps<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income (*)<\/td>\n$<\/td>\n11.3<\/td>\n\u00a0<\/td>\n$<\/td>\n9.6<\/td>\n\u00a0<\/td>\n18.2%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13.5<\/td>\n\u00a0<\/td>\n$<\/td>\n11.7<\/td>\n\u00a0<\/td>\n15.6%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted EPS<\/td>\n$<\/td>\n0.23<\/td>\n\u00a0<\/td>\n$<\/td>\n0.19<\/td>\n\u00a0<\/td>\n21.1%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.28<\/td>\n\u00a0<\/td>\n$<\/td>\n0.24<\/td>\n\u00a0<\/td>\n16.7%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(*) Attributable to Magic Software\u2019s shareholders.<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n Financial Highlights for the Second Quarter Ended June 30, 2023<\/u>
\n <\/strong>
\n \n <\/p>\n