Fortnox falls after report says it restated market share numbers
20/06/2024 11:02
(Adds that company declined to comment in bullet 3, share price
details in bullets 1 and 6)
** Shares in Fortnox FNOX.ST fall 5.4% to SEK 61.04 after
the Financial Times reported that the Swedish software group had
restated its key market share numbers presented at the CMD in
May
** Fortnox clarified to FT that the provided market share
figures were related to its clients who subscribe to the Digital
Agency product and not for the entire firm
** The company declined to comment to Reuters, referring to
its response to FT
** RedEye analyst Fredrik Nilsson says that while Fortnox
should have made the numbers clear from the start, the revenues
generated from clients not using Digital Agency are limited
** Revised data does not meaningfully impact growth
potential, Nilsson adds
** The stock pares losses after falling as much as 9.3% to
SEK 58.54, its lowest intraday price since early February
(Reporting by Anna Chaberska)
((Anna.chaberska@thomsonreuters.com))