Innodata Stock Soars On Q1 Results, FY24 Guidance
Portfolio Pulse from Erica Kollmann
Innodata Inc. (NASDAQ:INOD) shares surged following positive Q1 results and an optimistic FY24 revenue guidance. The company reported a significant year-over-year growth in earnings and sales, with earnings of 3 cents per share compared to last year's loss of 8 cents per share, and quarterly sales of $26.5 million, up from $18.84 million. Innodata raised its 2024 revenue guidance to at least 40% organic growth, buoyed by a major expansion in one of its large language model development programs with a Big Tech customer, expected to add $23.5 million in annualized revenue.
May 08, 2024 | 3:05 pm
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Innodata's stock price is likely to experience short-term growth due to strong Q1 results, raised FY24 guidance, and a significant partnership expansion.
Innodata's positive Q1 earnings report and the announcement of raised revenue guidance for FY24, coupled with a significant expansion in a large language model development program with a Big Tech customer, are key drivers for the stock's short-term growth. The substantial increase in expected annualized revenue from this expansion further strengthens the company's financial outlook, making the stock more attractive to investors.
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