Fortnox slides after media report it restated market share numbers
20/06/2024 09:46
** Shares in Fortnox FNOX.ST down around 5% after Financial
Times reported Swedish software group restated its key market
share numbers presented at capital markets day in May
** Fortnox clarified to FT that the market share figures
related to its clients who subscribe the Digital Agency product
and not for the entire firm
** Company did not immediately respond to a Reuters
request for comment
** RedEye analyst Fredrik Nilsson says while Fortnox should
have made the numbers clear from the beginning, the revenues
generated from clients not using Digital Agency are limited
** Revised data does not meaningfully impact growth
potential, Nilsson says
** Stock pared losses after falling as much as 9.3%
(Reporting by Anna Chaberska)
((Anna.chaberska@thomsonreuters.com))