Innodata Inc. (NASDAQ: INOD), a leading data analytics and technology services company, saw its stock surge 9.74% in Sunday's pre-market session following the release of its impressive full year 2024 financial results.
The company reported record revenue of $170.5 million for the fiscal year, up a staggering 96% year-over-year and surpassing analyst estimates. Net income came in at $28.7 million, a significant turnaround from a loss of $908,000 in 2023. Innodata's earnings per share of $0.98 also exceeded expectations, driven by higher revenue and profitability with a 17% profit margin.
Looking ahead, Innodata forecasts revenue growth of 26% annually over the next two years, outpacing the broader professional services industry. The strong earnings results and positive outlook were well-received by investors, propelling INOD shares 15% higher over the past week alone. Analysts are optimistic about the company's prospects in data analytics and technology services as businesses continue to prioritize digital transformation.
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