4th Oct 2018 08:51
LONDON (Alliance News) - Shares in Audioboom Group PLC plunged on Thursday as the firm said it expects an annual earnings loss and revenue to miss market expectations for the full financial year.
Shares in the audio on-demand platform were trading down 29% at 1.65 pence each following the news.
Audioboom said it expects its revenue for 2018 to come in between USD11.5 million and USD13 million, a significant increase on the prior year, when revenue was USD6.06 million, but below market expectations.
"Despite significant year-on-year revenue growth, revenue for the 13 months ending December is now expected to be below current market expectations with a consequential material impact on earnings before interest, taxes, depreciation and amortisation," the company added.
The company added that it expects to post an adjusted Ebitda loss of between USD4.5 million and USD5.5 million for the year, with the top end representing a slightly narrowed loss from USD5.7 million a year ago.
During the third quarter Audioboom said it generated "record revenue" in excess of USD2.4 million up 26% year-on-year.
Related Shares:
Audioboom Grp.