Magic Software: Q3 Earnings Insights
Portfolio Pulse from Benzinga Insights
Magic Software (NASDAQ:MGIC) reported Q3 earnings with an EPS of $0.21, missing estimates by 19.23% compared to the expected $0.26. Revenue also declined by $14.48 million from the same period last year. In the previous quarter, the company had exceeded EPS estimates but experienced a 2.91% share price drop the following day.
November 14, 2023 | 12:55 pm
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NEGATIVE IMPACT
Magic Software reported lower than expected Q3 earnings and a decrease in revenue, which may lead to negative investor sentiment and a potential drop in stock price in the short term.
Historically, stocks tend to react negatively to earnings misses. Given that MGIC not only missed EPS estimates but also reported a significant revenue decline, it is likely that the stock will experience a short-term price drop, similar to the 2.91% decline after last quarter's earnings beat.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100