Innodata Up 75% on Strong 3Q and Guidance

Dow Jones11-09

By Josh Beckerman

Shares of Innodata hit a 52-week high as the data engineering company said quarterly revenue more than doubled and raised its 2024 guidance as it expects to benefit from investments in generative AI and large language models.

The stock rose 75% to $42.55 on Friday, with an intraday high of $42.92, and has more than quintupled this year.

Third-quarter revenue rose to $52.2 million from $22.2 million. Earnings per share increased to 51 cents from 1 cent. Net income of $17.4 million included a $5.6 million benefit resulting from recognition of a deferred tax asset.

The company expects 2024 revenue growth of 88% to 92%.

Innodata said, "Our Big Tech customer roster now includes five of the Magnificent Seven, one of the most prominent AI research and development companies and a prominent social media company."

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 08, 2024 15:15 ET (20:15 GMT)

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

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