Germany's Nagarro shares drop as it trims guidance again

Nagarro SE

14/08/2023 07:35

** Shares in the German digital engineering firm Nagarro
 NA9n.DE  drop 6% in the early Frankfurt trade after it trimmed
annual guidance on Friday in post-trading hours  
    ** This is the second outlook downgrade in a row for the IT
firm since May
    ** It now sees annual revenue of around 915 million euros 
($1.00 billion), compared to its previous forecast of 940
million euros, gross margin revised to 26% (vs 28% before),
adjusted EBITDA margin to 13% (vs 15% before)  
    ** Nagarro cites a slowdown in demand as well as negative
currency effects as reasons for the target cut 
    ** The company is due to release its second-quarter results
today after the market close 


($1 = 0.9150 euros)

 (Reporting by Andrey Sychev)
 ((Andrey.Sychev2@thomsonreuters.com; Twitter: https://twitter.com/sich_11;))