Innodata (INOD) Profits Nearly Double, Shares Fly to All-Time High

Innodata Inc. (NASDAQ:INOD) is one of the 10 Stocks With Easy Double-Digit Returns.

Innodata soared to a new all-time high on Monday following two consecutive days of remarkable gains, as investors cheered its stellar earnings performance in the first quarter of the year, with profits nearly doubling and revenues soaring by high double-digits.

At intra-day trade, shares of Innodata Inc. (NASDAQ:INOD) climbed to its highest price of $114.77 before paring gains to end the session just up by 22.37 percent at $103.83 apiece.

Stock market charts. Photo by Kaboompics.com on Pexels

In an updated report, Innodata Inc. (NASDAQ:INOD) said that it incurred $14.9 million in net income attributable to shareholders and subsidiaries in the first quarter of the year, or a growth of 91 percent from the $7.79 million in the same period last year.

Revenues, on the other hand, increased by 55 percent to $90 million from $58 million year-on-year, beating consensus by 18 percent.

Encouraged by the results, the company raised its growth guidance for the full-year period, with revenues now targeted to jump by 40 percent versus only 35-percent previously.

In other news, Innodata Inc. (NASDAQ:INOD) announced a new set of deals with large technology companies, which it said could help generate $51 million in revenues this year.

“Twelve months ago, our revenue from this customer was zero; this year we expect it to become our second-largest customer, and we see considerable headroom both within the current program and across additional programs we are actively discussing,” the company noted.

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