Schibsted gets third-quarter boost from growth in website traffic for cars, homes
28/10/2020 08:23
OSLO, Oct 28 (Reuters) - Norwegian media group Schibsted
SBSTA.OL on Wednesday reported a 25% rise in third-quarter
core profit and said website traffic for autos and real estate
classified ads had risen as consumers searched online for cars
and homes during the pandemic.
The owner of Nordic newspapers and advertising sites said
earnings before interest, tax, depreciation and amortisation
(EBITDA) for the July-September quarter rose 25% to 678 million
Norwegian crowns ($73.46 million).
"Within Nordic Marketplaces ... website traffic has
stabilised at a higher level than pre-COVID-19 and listings have
improved over the last couple of months," Chief Executive
Kristin Skogen Lund said in a statement.
Spending cuts gave an extra boost to earnings margins in the
third quarter, but Schibsted has again begun to ramp up
recruitment and marketing for its Nordic Marketplaces, and thus
expects a lower margin in the October-December quarter.
The most recent wave of COVID-19 infections in the Nordics
as well as the rest of Europe has also led to more volatility
and uncertainty, the company said.
The company's auto and real estate markets are doing well,
but its jobs and travel listings have seen a substantial
decline.
Schibsted last year spun off its international classified
ads unit, renaming it Adevinta ADEV.OL , which on Tuesday
reported a turnaround in earnings for the July-September period
following a weak first half of the year. urn:newsml:reuters.com:*:nL8N2HI0XE
Adevinta in July agreed to buy eBay's EBAY.O classified
ads unit in a $9.2 billion cash and shares deal to form the
world's largest online classifieds group, reducing Schibsted's
stake in the combined company. urn:newsml:reuters.com:*:nL5N2ES1WF
($1 = 9.2295 Norwegian crowns)
(Reporting by Victoria Klesty, editing by Terje Solsvik and
Jane Merriman)
((victoria.klesty@thomsonreuters.com; +47 2331 6592; Reuters
Messaging: victoria.klesty.thomsonreuters.com@reuters.net))