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Matrix Reports Strong Q2 Growth Despite AI Concerns and Currency Challenges

How 2 Israeli newsrooms covered this story — translated into English and compared side by side.

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First reported by Now 14 · 4 hours ago

What happened

Matrix posted strong Q2 financial results with significant revenue and profit growth despite a 40% stock drop this year amid AI concerns. CEO Moti Gutman rejected negative AI impact forecasts, highlighting solid performance and growth after merging with Magic. Currency fluctuations affected foreign earnings, but core sectors, especially cloud and infrastructure, drove substantial gains.

01Matrix reports 10.6% revenue growth and 36% net profit increase in Q2 after merging with Magic.
02CEO Moti Gutman calls AI-related market fears about the company "apocalyptic" and unrealistic.
03Shekel appreciation against the dollar reduced foreign earnings, which make up 20% of revenues.
04Core Israeli IT sectors grew over 10% in revenue and 16% in operating profit in constant currency.
05Cloud and infrastructure segment saw 35.5% revenue and 40.8% profit growth in constant currency.
06Q2 cash flow turned negative due to a large check discounting deal affecting timing of cash flows.

Summary translated & synthesized from the sources below by baba. Read each original for the full report.

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Moti Gutman