Stock Track | Innodata Soars on Record Q3 Results and Promising AI Solutions Outlook

Stock Track11-11

Shares of Innodata Inc. (INOD) experienced a remarkable surge of 78.84% on November 8, 2024, driven by the company's exceptional financial performance in the third quarter of 2024 and its promising outlook in the rapidly growing generative AI market.

Innodata, a leading provider of data engineering and artificial intelligence solutions, reported record revenue of $52.2 million for the third quarter, representing a staggering 136% year-over-year increase. The company's strong top-line growth was accompanied by robust profitability, with an adjusted EBITDA of $13.9 million, accounting for 27% of the total revenue.

The exceptional performance was fueled by Innodata's successful partnerships with major technology companies, known as "Big Tech," in the development of generative AI models. Notably, the company secured a major contract worth $30.6 million from one of its key Big Tech customers and expanded its customer base by winning a new engagement with a prominent social media platform, expected to generate $3 million in annualized revenue.

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