Axel Springer: shares drop as outlook disappoints
(CercleFinance.com) - Shares in German media group Axel Springer are down almost 8% on Thursday, as a disappointing outlook poured cold water on globally in-line 2018 results.
The company said it either met or exceeded its targets last year, with revenues up 4.1% at 3.18 billion euros, and organic growth of 3.8%.
Adjusted EBITDA increased substantially, up 14.3% to 737.9 million euros.
For 2019, Axel Springer said it expects low single-digit growth in revenues.
Also, revenues in the classifieds media segment will likely show growth in the high single-digit to low double-digit percentage range, it said, although this proved disappointing, and was taken negatively by the market.
By 11 AM this morning, Axel Springer shares were down 7.7% at under 46 euros, having closed at 50 euros yesterday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company said it either met or exceeded its targets last year, with revenues up 4.1% at 3.18 billion euros, and organic growth of 3.8%.
Adjusted EBITDA increased substantially, up 14.3% to 737.9 million euros.
For 2019, Axel Springer said it expects low single-digit growth in revenues.
Also, revenues in the classifieds media segment will likely show growth in the high single-digit to low double-digit percentage range, it said, although this proved disappointing, and was taken negatively by the market.
By 11 AM this morning, Axel Springer shares were down 7.7% at under 46 euros, having closed at 50 euros yesterday.
Copyright (c) 2019 CercleFinance.com. All rights reserved.