Majesco (MJCO) Tops Q2 EPS by 7c, Revenues Beat

Majesco (NYSE: MJCO) reported Q2 EPS of $0.07, $0.07 better than the analyst estimate of $0.00. Revenue for the quarter came in at $34 million versus the consensus estimate of $32.95 million.

“Our second quarter financial results reflect the growing success of our cloud-based strategy and the solutions we have developed to help insurers adapt to a new era of insurance,” stated Adam Elster, Majesco’s CEO. “The number of cloud customers has increased by almost 30% over the last year, driving a 41% increase in cloud revenues year-over-year. The strong cloud revenue growth we continue to experience demonstrates Majesco’s ability to deliver “speed to value” to customers while providing a modern platform for insurers to innovate new products and business models.”

“In addition, changing revenue mix and improved delivery efficiencies helped drive better margins as demonstrated in the second quarter.”

Mr. Elster concluded, “I am very encouraged by Majesco’s products, people and customer focus which are well aligned with the opportunities, trends and requirements of the insurance market. We feel this is best validated by our recent recognition as a Leader in the 2018 Gartner Magic Quadrant for P&C Core Platforms, North America report, recent key customer wins, and critical customer go-lives. I am pleased with the progress we are making and believe fiscal 2019 is shaping up to be a strong year for the company.”

For earnings history and earnings-related data on Majesco (MJCO) click here.

You May Also Be Interested In

• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• Jernigan Capital (JCAP) Tops Q2 EPS by 5c
• zSpace, Inc. (ZSPC) Reports Q2 results