Nagarro plunges as it cuts revenue outlook

Nagarro SE

15/05/2023 07:22

** Nagarro's  NA9n.DE  shares sink around 9% in early
Frankfurt trade as the German digital engineering company cut
its 2023 revenue outlook, citing January to April developments,
including currency movements
    ** The Munich-based company cut its revenue outlook by 7.8%
to 940 million euros ($1.03 billion), falling below analysts'
expectations that stand at 1.03 billion euros according to
Refinitiv data
    ** "After 7 consecutive guidance increases, this marks the
first profit warning since their spin-off in Dec '20. Whilst our
main rationale for the "Buy" case is still an overdue re-rating
to close the gap vs peers, we expect pressure near-term given
the reduced visibility for demand," Jefferies notes
    ** Nagarro falls to the bottom of Germany's small-cap index
 .SDAXI  in early Frankfurt trade


($1 = 0.9084 euros)

 (Reporting by Tristan Veyet)
 ((Tristan.chabba@thomsonreuters.com))