Innodata Shares Rise 24% After Raising Guidance Following Big Tech Customer Wins

Dow Jones05-08

By Ben Glickman

Shares of Innodata rose after the company said it had secured two new customers in big tech and raised its full-year guidance.

The stock was up 24% to $8.35 in late Tuesday trading. Shares are down about 17% this year.

The New York-based data engineering company said it had secured two new big tech customers, one of which is a prominent generative AI company. The other new customer is a consumer-facing software vendor.

Innodata also said it had secured an expansion of one of its large language model development programs by an existing large customer. It expects the expansion to lead to about $23.5 million in added revenue per year.

Chief Executive Jack Abuhoff said the company now had agreements with seven big tech customers on generative AI.

Revenue was up 41% to $26.5 million in the quarter. The company now expects organic revenue to grow at least 40% in 2024, double Innodata's previous projection of 20% growth.

The company also expects a major increase in revenue sequentially in the second quarter.

Innodata posted a profit of $989,000, or three cents a share, in the quarter, compared with a loss of $2.1 million, or eight cents a share, a year earlier.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 07, 2024 18:19 ET (22:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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