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
Innodata Inc. is currently one of the favorites of our community with 11 Buy predictions and no Sell predictions.
With a target price of 92 € there is potential for a 160.62% increase which would mean more than doubling the current price of 35.3 € for Innodata Inc..
