Magic Software Enterprises Ltd. said Wednesday that its profit surged 60 percent in the third quarter as demand for its mobile applications and other business software products boosted revenue. Its shares rose almost 9 percent.
The company, based in Yehuda, Israel, reported net income of $4 million, or 11 cents a share, for the three months ended Sept. 30. That compares with net income of $2.5 million, or 8 cents a share, in the prior-year period.
Revenue grew 34 percent to $30 million from $22.4 million a year earlier.
The latest results mark the eighth-consecutive quarter that Magic Software has posted double-digit growth.
Shares added 43 cents, or 8.9 percent, to $5.29 in trading Wednesday.
