Innodata (NASDAQ:INOD) stock is heading higher on Wednesday after the global data engineering company reported record earnings in its first quarter 2024 earnings report.
That Innodata report starts with diluted earnings per share of 3 cents. That’s a positive change for the company compared to its diluted EPS of -8 cents from the same period of the year prior.
To go along with that is Innodata’s record revenue of $26.5 million for the first quarter of the year. That represents a 41% increase year-over-year compared to $18.8 million.
Innodata CEO Jack Abuhoff said the following about the news:
“We entered the year with agreements in place with five of the Magnificent Seven companies to provide support in LLM data engineering. With these two additional new signings, we now have agreements in place to support seven Big Tech customers on their generative AI initiatives. We look forward to growing these customer relationships throughout 2024.”
INOD Stock Outlook 2024
The latest earnings report from Innodata also includes an outlook with organic revenue growth of at least 40% compared to 2023. Investors will note that this is increased from the company’s prior guidance of 20% year-over-year revenue growth.
INOD stock is up 22.3% as of Wednesday morning, with more than 135,000 shares traded. The company’s daily average trading volume is 475,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
