Stock Track | Innodata Stock Soars on Record Q3 Revenue and Profitability Fueled by AI Solutions

Stock Track11-08

Innodata Inc. (NASDAQ: INOD), a leading provider of data engineering and artificial intelligence solutions, experienced a remarkable surge in its stock price on Wednesday, November 8, 2024. The company's shares soared by a staggering 55.22% after reporting exceptional financial results for the third quarter of 2024, driven by its strategic focus on the rapidly growing AI market.

The key highlights of Innodata's Q3 2024 performance were a record revenue of $52.2 million, representing a 136% year-over-year increase, and robust profitability with an adjusted EBITDA of $13.9 million, accounting for 27% of the total revenue. The company's net income surged to $17.4 million, a significant improvement from $0.4 million in the same period last year.

Innodata's exceptional performance was fueled by its successful partnerships with large technology companies, securing a major contract worth $30.6 million from one of its key big tech customers. Additionally, the company expanded its customer base by winning a new engagement with a renowned social media platform, expected to generate $3 million in annualized revenue.

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(NASDAQ: INOD), a leading provider of data engineering and artificial intelligence solutions, experienced a remarkable surge in its stock price on Wednesday, November 8, 2024. 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