Magic Software Enterprises Ltd. (NASDAQ:MGIC) Q1 2024 Earnings Conference Call May 16, 2024 10:00 AM ET
Company Participants
Asaf Berenstin - Chief Financial Officer
Guy Bernstein - Chief Executive Officer
Yuval Lavi - Chief Technology Officer
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Magic Software Enterprises 2024 First Quarter Financial Results Conference Call.
Magic's first quarter 2024 earnings release was issued before the market opened this morning, and it has been posted on the company's website at www.magicsoftware.com. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.
With us on the line today are Magic's CEO, Mr. Guy Bernstein; Magic's CFO, Mr. Asaf Berenstin; and Magic's CTO, Mr. Yuval Lavi.
Before we start, I would like to remind everyone that projections or other forward-looking statements may be provided on this conference call. The safe harbor provision provided in the press release issued today also applies to the contents of this call. Magic expressly disclaims any obligation to update or revise any of these forward-looking statements whether because of future events, new information, a change in its views or expectations or otherwise.
Also, during the course of today's call, management will refer to non-GAAP financial measures. A reconciliation schedule showing GAAP versus non-GAAP results has been provided in the press release issued before the market opened this morning.
A replay of this call will be available after the call on the Investor Relations section of the company's website.
I will now turn the call over to Mr. Asaf Berenstin, CFO of Magic Software. Please go ahead.
Asaf Berenstin
Thank you, operator, and thank you, everyone, for joining us today as we report our first quarter 2024 financial results.
During the call today, I will review highlights from our first quarter results and provide an overview of our outlook.
Revenues in the first quarter of 2024 decreased to $130.7 million, down approximately 8.2% from the first quarter of 2023. As we already mentioned in past calls, the effect of the currency fluctuation on our revenues was still and is still significant compared to the corresponding quarters of last year. On a constant currency basis, calculated based on the average currency exchange rates for the three months ended March 31, 2023, revenues for the first quarter of 2024 would have decreased by approximately 6.4% compared to the first quarter of 2023 to $133.3 million, a $2.6 million higher than our reported revenue figure for the quarter. On a sequential basis, revenues for the first quarter increased by 4.1%.