Qt hits bottom of Helsinki blue chip index as Q1 sales disappoint

Qt Oyj

25/04/2024 11:57

** Shares in Qt Group  QTCOM.HE  are down 6% after the
Finnish software provider posted its Q1 revenue below market
expectations
    ** Qt reported net sales of EUR 45.1 million for the first
quarter, below the IBES estimate of EUR 47.1 million
    ** Inderes analyst Antti Luiro says that as a result of Qt's
highly scalable business model, in terms of longer-term value
creation, revenue growth is more valuable to the company than
short-term profitability growth
    ** "From this point of view, the market reaction is
understandable on the basis of top-level figures (softness in
turnover, strength in profitability)," Luiro adds
    ** The groups quarterly EBIT of about EUR 9 million was in
line with a company-provided consensus  
    ** The group reiterated full-year outlook -- 2024 net sales
seen to increase by 20-30% yoy at comparable exchange rates,
EBITA margin of 25-35%
    ** The stock sits at the bottom of the Helsinki blue-chip
index  .OMXH25  

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))