Australia's Atomos plunges 58%, marks worst day on record after FY22 outlook cut

Atomos

06/05/2022 02:01

** Video equipment manufacturer Atomos Ltd  AMS.AX  plunges
as much as 57.5% to A$0.255, its biggest intraday pct drop 
    ** Co says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02518951-3A593156?access_token=83ff96335c2d45a094df02a206a39ff4
 it expects FY22 revenue to be between A$80 mln ($57.01 mln) and
A$90 mln, down from earlier forecast of more than A$95 mln; it
logged A$78.6 mln revenue in FY21 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02408111-3A572997?access_token=83ff96335c2d45a094df02a206a39ff4
    ** FY22 EBITDA margins now expected at 6-8%, significant
drop from earlier guidance of 12-15%
    ** Slower-than-expected sales in first four months of 2022;
COVID-19 lockdowns in Shanghai expected to impact short-term
production schedule
    ** Atomos hits lowest since March 2020; on track for its
fifth straight session of decline, if losses hold
    ** More than 7.5 mln shares change hands, vs the 30-day
volume of 1.2 mln shares
    ** AMS biggest percentage loser in the ASX All Ordinaries
index  .AORD 
    ** Down 43.4% this year, as of last close, vs a 1.8% decline
in the ASX All Ordinaries index 

    ($1 = 1.4033 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))