Germany's Nagarro shares drop as it trims guidance again

Nagarro SE

14/08/2023 08:07

(Adds Q2 results, share move after open)
    ** Shares in the German digital engineering company Nagarro
 NA9n.DE  drop 7% after it trimmed annual guidance on Friday in
post-trading hours  
    ** This is the second outlook downgrade in a row for the IT
company 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)  
    ** The company cites a slowdown in demand as well as
negative currency effects as reasons for the target cut 
    ** In the second quarter, Nagarro's adjusted EBITDA declined
to 28.9 million euros from 40.2 million euros in the same period
last year 


($1 = 0.9150 euros)

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