ProSiebenSat.1: shares slump after warning.
(CercleFinance.com) - Shares of ProSiebenSat.
1 are down nearly 12% on Tuesday after the German broadcaster warned that its TV advertising revenues would be below previous expectations in the third quarter.
The group now expects third-quarter revenues of its German-speaking broadcasting segment to decline by a mid-single digit percentage year-on-year.
"After a promising start into the quarter, early customer feedback for the month of September - which is in terms of revenue contribution the most important month of the current reporting period - suggests that previous expectations (...) are unlikely to be met," it said.
ProSiebenSat.1 said earlier this month that it expected a more dynamic development in the second half of the year following the TV advertising market's moderate performance in the first half of the year.
Still, thanks to the positive development of its TV distribution, content production and digital activities, group revenues are still expected to increase by a mid-single digit percentage in the third quarter year-on-year.
The shares are currently down 11.8% at 28.8 euros in Frankfurt.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
1 are down nearly 12% on Tuesday after the German broadcaster warned that its TV advertising revenues would be below previous expectations in the third quarter.
The group now expects third-quarter revenues of its German-speaking broadcasting segment to decline by a mid-single digit percentage year-on-year.
"After a promising start into the quarter, early customer feedback for the month of September - which is in terms of revenue contribution the most important month of the current reporting period - suggests that previous expectations (...) are unlikely to be met," it said.
ProSiebenSat.1 said earlier this month that it expected a more dynamic development in the second half of the year following the TV advertising market's moderate performance in the first half of the year.
Still, thanks to the positive development of its TV distribution, content production and digital activities, group revenues are still expected to increase by a mid-single digit percentage in the third quarter year-on-year.
The shares are currently down 11.8% at 28.8 euros in Frankfurt.
Copyright (c) 2017 CercleFinance.com. All rights reserved.