Why Innodata Shares Are Surging Today

Innodata Inc INOD shares are trading higher Thursday after the company reported financial results showing improving revenue numbers year-over-year.

Innodata said fourth-quarter revenue increased 26% year-over-year to $19.29 million. The company reported a quarterly net loss of 4 cents per share, which was down from earnings of 4 cents per share year-over-year.

Innodata also announced that it's targeting revenue growth of 30% in 2022.

"We believe we are seeing solid business momentum and market traction across our markets, including financial services, manufacturing, retail, robotics, and technology," said Jack Abuhoff, CEO of Innodata.

Other Highlights: Innodata said "one of the largest Fortune 50 semiconductor manufacturers" selected Innodata to build fully-trained deep-learning AI models for automated retail and manufacturing solutions. 

Alphabet Inc GOOG also authorized Innodata as a Build and Services Partner within its Partner Advantage Program.

See Also: Dan Ives Sees 'Bright Green Light' Buying Opportunity For Apple, Microsoft And Google

Innodata is a digital services and solutions company focused on providing technology and services to information products and online retail destinations. 

INOD 52-Week Range: $4.56 - $11.25

The stock was up 24.8% at $6.69 at time of publication.

Photo: Buffik from Pixabay.

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