NZ's media co NZME falls after trimming FY23 earnings forecast
06/11/2023 23:59
** Shares of NZME Ltd NZM.NZ fall as much as 4.5% to
NZ$0.850, set for their worst day since Oct. 12, if losses hold
** Media and entertainment co trims FY23 EBITDA forecast to
between NZ$57 mln ($33.99 mln) and NZ$59 mln vs earlier forecast
of EBITDA at lower end of NZ$59 mln to NZ$64 mln range
** Says Q3 advertising revenue down 2% YOY
** Adds November and December advertising revenues are
currently pacing slower, with a number of customer campaigns
being cancelled or deferred until 2024
** As of last close, stock down 22.6% this year
($1 = 1.6770 New Zealand dollars)
(Reporting by Himanshi Akhand in Bengaluru)
((Himanshi.Akhand@thomsonreuters.com;))