Magic Software Lowers FY2023 Sales Guidance from $585.00M-593.00M to $570.00M-580.00M Vs. $588.8M Estimate
Portfolio Pulse from Benzinga Newsdesk
Magic Software has lowered its FY2023 sales guidance from $585M-$593M to $570M-$580M, primarily due to exchange rate headwinds and a slowdown in IT spending. The company's operations in North America have been impacted by macro environment uncertainty.
August 14, 2023 | 10:45 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Magic Software's lowered FY2023 sales guidance could negatively impact its stock price in the short term.
The lowered sales guidance indicates potential challenges in Magic Software's business environment, including exchange rate headwinds and a slowdown in IT spending. This could lead to a negative investor sentiment, potentially driving the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100