01:37 PM EDT, 05/16/2024 (MT Newswires) -- Magic Software Enterprises ( MGIC ) shares retreated more than 6% in recent Thursday trading after the company reported lower Q1 adjusted earnings and revenue.

The company reported Q1 non-GAAP earnings Thursday of $0.23 per diluted share, down from $0.26 a year earlier.

Two analysts polled by Capital IQ expected $0.21.

Revenue for the quarter ended March 31 was $130.7 million, down from $142.4 million a year earlier.

One analyst surveyed by Capital IQ expected $126.8 million.

The company maintained its 2024 revenue guidance of $540 million to $550 million. One analyst polled by Capital IQ expects $540 million.

Magic Software ( MGIC ) said that its board declared a semiannual cash dividend of $0.204 per share, payable July 11 to shareholders of record June 27.

Price: 12.03, Change: -0.84, Percent Change: -6.53