MGIC - Magic Software beats Q4 top and bottom line estimates; initiates FY23 outlook

2023-03-09 09:39:43 ET

• Magic Software press release ( NASDAQ: MGIC ): Q4 Non-GAAP EPS of $0.28 beats by $0.03 .
• Revenue of $147.1M (+10.6% Y/Y) beats by $4.1M .
• Non-GAAP operating income for the fourth quarter of 2022 decreased by 2.9% to $19.2 million, compared to $19.8 million in the same period of the previous year.
• Magic is introducing 2023 annual revenue guidance of between $585 million and $593 million vs $612.10M consensus, reflecting annual growth of 3.2% to 4.6% (based on current currency exchange rates).
• Based on 2022 average currency exchange rates Magic’s 2023 annual revenue guidance would have been between $600 million and $608 million, reflecting annual growth of 5.9% to 7.3%.

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