Why Innodata Stock Is Skyrocketing Today
(NASDAQ: INOD) stock is soaring today following the publication of the company's second-quarter earnings results. The data services company's share price was up 22.1% at 11:30 a.m. ET according to data from S&P Global Market Intelligence.
Innodata published its Q2 results after the market closed on Thursday, showing sales and earnings performance that topped the market's expectations. While the company's revenue fell 1.5% year over year (YOY) to $19.7 million, its net loss of $0.8 million for the period was significantly lower than the $3.8 million loss it posted in the prior-year quarter. Innodata also had some big news about landing a new customer.
While Innodata's revenue fell YOY in Q2, it did climb 4% from this year's first quarter. The YOY sales decline stemmed from the loss of business from a large social media company that had accounted for $2.5 million in sales in Q2 last year.
Source Fool.com
Innodata Inc. Stock
Our community is currently high on Innodata Inc. with 3 Buy predictions and 1 Sell predictions.
With a target price of 22 € there is a positive potential of 47.75% for Innodata Inc. compared to the current price of 14.89 €.
