Magic Software Enterprises Ltd. lowering its revenue guidance for the year 2023. For the year, the company lowering its 2023 annual revenue guidance range from $585 - $593 million to $570 - $580 million. This revenue change is primarily due to exchange rate headwind of NIS versus the US Dollar, as well as the continuous slowdown in IT spending which are currently experiencing versus 2022 across operations in North-America impacted by macro environment uncertainty.