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LONDON (Alliance News) - Shares in Mobile Streams PLC were down 34% Wednesday morning after it warned that its earnings before interest, tax, depreciation and amortisation for the year ended June 30 will be "around breakeven", on revenue "materially lower than current market expectations".
The mobile media company attributed this to investment in new products such as ad-funded services and moving into India and Nigeria, as well as ongoing challenges in its core market of Argentina.
In July, the company had guided for Ebitda in line with market expectations for the full year, on revenue of around GBP29 million, down from GBP48.6 million. Mobile Streams has faced challenging conditions in its core business in Argentine following the sudden devaluation of the Argentinian peso in January 2014, and has been taking measures to counteract this, such as launching products in new markets.
According to a forecast provided by Morningstar, N+1 Singer expects Mobile Streams to post a pretax profit of GBP670,000.
Shares in Mobile Streams were down 34% at 4.10 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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