Adevinta falls despite Q2 beat, outlook hike

Adevinta ASA

31/08/2023 11:37

** Shares in Adevinta  ADEA.OL  reverse course and fall
nearly 4% at 0951 GMT despite the world's largest classified ads
company reported better-than-expected Q2 results and hiked its
FY outlook
        ** SEB analyst Markus Heiberg says 2023 EBITDA guidance
towards "high-end" was already expected, and the question seems
rather why the company does not increase the "high end" floor
above EUR 650 million   
  
        ** Moreover, non-recurring expenses were somewhat higher
than SEB expected, which offset part of the adjusted EBITDA
beat, Heiberg adds
  
        ** He notes also that the conference call indicated
still very cautious macro view 
  
    ** The company posted Q2 EBITDA of EUR 177 million ($193.00
million), 6% ahead of EUR 166 million seen by analysts polled by
LSEG
        ** Adevinta shares opened +2% at 0700 GMT  


($1 = 0.9171 euros)

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))