Magic Software's revenue rose 66% to $22.4 million revenue for the third quarter.
IT integrator Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) tripled its net profit for the third quarter of 2010. The share price rose 26.5% on the TASE to NIS 12.40, and rose 20% in early trading on Nasdaq to $3.40, giving a market cap of $109 million.
Magic's revenue rose 66% to $22.4 million revenue for the third quarter from $13.5 million for the corresponding quarter. GAAP-based net profit rose to $2.5 million ($0.08 per share) for the third quarter from $902,000 for the corresponding quarter. Non-GAAP net profit more than doubled to $2.6 million ($0.08 per share) for the third quarter from $1.1 million for the corresponding quarter.
Magic acting CEO Guy Bernstein attributed what he called the "robust growth" to "greater demand for our professional services and improved license sales of our uniPaaS RIA application platform among enterprises and independent software vendors worldwide."
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2010
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