Qt Group drops to bottom on Helsinki blue-chips after outlook cut

Qt Oyj

01/08/2022 11:05

** Shares of Qt Group  QTCOM.HE  dive more than 20% after
the Finnish software provider lowers sales outlook for 2022
 urn:newsml:reuters.com:*:nFWN2ZC05J
    ** The company now expects net sales to increase by 20-30%
year-on-year versus the previous guidance of 30-40%; maintains
operating profit margin target of 20-30%
    ** It points to increasing energy prices, high inflation,
and general economic slowdown combined with increased
cautiousness in customer behaviour, especially in Asia 
    ** "Some significant projects were postponed or only
partially executed," the company says about Q2 development
    ** The group's preliminary Q2 net sales were around EUR 37
mln ($38 mln), up 9% from a year earlier
    ** It expects sales growth to be "considerably stronger"
during the second half of 2022
    ** The stock drops to the bottom of the Helsinki blue-chip
index  .OMXH25  and trades at its lowest price since January
2021

($1 = 0.9748 euros)

 (Reporting by Jacob Rasmussen)
 ((jacob.rasmussen@thomsonreuters.com))