May 08, 2024 (24/7 Market News via COMTEX) --
DENVER, Colo., May 08, 2024 (247marketnews.com)- Innodata Inc. (NASDAQ:INOD) reported its first quarter 2024 results and the highlights include a 41% revenue increase from $18.8 million, for the first quarter of 2023, to $26.5 million.
Net income turned positive, at $1.0 million, or $0.03 per basic and diluted share, compared to a net loss of $(2.1) million, or $(0.08) per basic and diluted share, in the same period last year.
Innodata closed the quarter with cash, cash equivalents and short-term investments at $19.0 million, compared to $13.8 million on December 31, 2023, and raised its guidance to at least 40% organic revenue growth in 2024.
Jack Abuhoff, Innodata CEO, commented, “We are pleased to announce record revenues of $26.5 million for the first quarter, representing 41% year-over-year growth. Our growth in the quarter was driven by the value we are bringing to help the world’s largest tech companies build AI large language models, or LLMs. We’re equally excited to share that, as a result of accelerating business momentum, we are raising our 2024 revenue guidance to an expected organic revenue growth of at least 40% year-over-year. This is double the growth rate we guided to last quarter.
“This significant customer expansion demonstrates the incredible results we are creating for our customers. One of our large Big Tech customers has stated that the quality of instruction data sets, one of a broad range of services Innodata provides to support generative AI programs, has an outsized influence on the performance of their LLM models and some of their biggest improvements in model quality are due to carefully crafted instruction data sets.”
The post Innodata Reports Record Q1 2024 Results and Raises Growth Guidance appeared first on 24/7 MarketNews.
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