UK's Focusrite hits near 3-year low on tepid earnings

Focusrite

25/04/2023 11:22

** Shares of Focusrite Plc  TUNE.L  fall as much as 13% to
500p, their lowest since September 2020
    ** The supplier of music software and hardware products
posted an 18.5% fall in half-yearly adjusted core profit at 18.1
mln pounds  ($22.6 mln); revenue down 7.2% to 86.2 mln pounds
for six months ended Feb. 28
    ** Co says revenue in its content creation division impacted
by industry-wide surplus channel inventory and softening in
demand  
    ** TUNE set to post worst day since Dec 2015, if trend holds
    ** TUNE currently down over 10%, taking YTD losses to ~38%


($1 = 0.8019 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))