Magic Software Enterprises Q2 Profit Down - Quick Facts

(RTTNews) - Magic Software Enterprises Ltd. (MGIC) reported that its second-quarter net income attributable to shareholders decreased to $3.5 million or $0.09 per share from $3.6 million or $0.10 per share in the same period last year. The decrease in net income was mainly attributable to an increase in tax expenses recorded for the second quarter.

Non-GAAP net income for the second quarter decreased 7% to $3.8 million, compared to $4.1 million in the same period last year. Non-GAAP net earnings per share was $0.10, down from $0.11 last year.

Revenues for the second quarter increased 24% year over year to $34.8 million from $28.0 million.