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.
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