The following is a summary of the Magic Software Enterprises Ltd. (MGIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Magic Software reported Q1 2024 revenues of $130.7 million, a decline of approximately 8.2% from the first quarter of 2023 due to significant currency fluctuations and an unexpected decline in demand for professional services from key U.S.-based customers.

• Despite these challenges, the company maintained its non-GAAP operating margin at approximately 13.9% of revenues.

• Magic's gross margin for Q1 2024 showed an increase, moving up by 110 basis points to reach 29.3% of revenue.

Business Progress:

• Magic continues to focus on AI low-code, no-code, and services offerings as they are deemed critical for customer's ongoing digital transformation initiatives.

• The company is exploring opportunities in cloud technology and managed services.

• With a keen vision to guide businesses through optimal cloud migration strategies, Magic aims to prevent potential pitfalls.

• The company considers GenAI to be a major change-agent in the cloud industry and is strategically positioned to leverage its solutions for customer benefits.

More details: Magic Software Enterprises IR

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