Here are Joni’s comments on Netum’s profit warning.
Yesterday evening, Netum issued a profit warning, in which the company lowered its profitability guidance for the current year regarding comparable EBITA to a loss-making level. We consider the warning a clear disappointment, although it is not entirely surprising given the very weak Q2 report and the relatively small scale of the cost-saving measures announced in August. The news reinforces our view that the company’s earnings turnaround is more difficult and slower than expected. The release naturally creates downward pressure on our earnings forecasts.