Why Innodata Shares Are Soaring Today
Portfolio Pulse from Akanksha Bakshi
Innodata Inc (NASDAQ:INOD) has closed a deal with a new customer, one of the five largest technology companies, for training the customer's AI large language models. The customer has budgeted up to $8 million for the remaining months of 2023. Innodata anticipates reaching an annualized run rate of $15 million or more with the customer by the end of 2023 and expects further expansion in 2024. Following the news, INOD shares rose by 16.8%.
July 18, 2023 | 2:31 pm
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Innodata's new deal with a top tech company for AI training, with a budget of up to $8M for 2023, is expected to boost its revenues. The company anticipates a $15M annual run rate by end of 2023. This news led to a 16.8% increase in INOD shares.
The new deal with a top tech company is a significant development for Innodata, as it not only brings in immediate revenue but also sets the stage for future growth. The customer's budget of up to $8M for 2023 indicates a substantial investment in Innodata's services. The company's anticipation of a $15M annual run rate by the end of 2023 further underscores the potential financial impact of this deal. This positive news has already reflected in the company's stock price, which rose by 16.8%.
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