24th Aug 2015 07:13
LONDON (Alliance News) - Internet media company Blinkx PLC on Monday said it expects to post an operating loss for the half year after weaker-than-expected trading in the second quarter.
The company said its performance in the first quarter was in line with expectations, but early indications from the second quarter were below its forecasts and it now expects to post an operating loss in the first half to the end of September.
The comkpany said it is taking steps to cut costs in order to reflect the changing revenue and profitability mix of its sales, with a focus on ramping up its core portfolio to offset declining non-core sales.
"While we are obviously disappointed with the projected financial performance for the period, the team has worked exceptionally hard in a year of significant change to consolidate the company's operations and launch an industry-leading and highly differentiated Programmatic platform, with unique and unified mobile, video and display capabilities," said Chief Executive Officer Subhransu Mukherjee in a statement.
Blinkx shares were down 38% in early trade to 16.5 pence, the worst performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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