Australia's Seek among top ASX losers on annual profit forecast cut

SEEK

13/02/2024 02:23

(Adds brokerage Jarden's note)
    ** Shares of Seek  SEK.AX  slump as much as 13.3% to
A$23.26, set for their worst day since March 23, 2020, if losses
hold 
    ** Online employment services provider's stock among top
losers in the benchmark  .AXJO  
    ** Co cuts FY24 adjusted net profit after tax forecast to
between A$190 mln ($124.03 mln) and A$220 mln, down from its
previous forecast of A$220 mln and A$260 mln 
    ** Says earnings downgrade is due to slower advertisement
volumes in the last two months of CY2023
    ** Brokerage Jarden says conditions for co appear to have
deteriorated in Nov and Dec
    ** In Australia and New Zealand, we highlight that Seek is
expecting a relative
improvement in 2H24 volume growth vs 1H24 - Jarden
    ** Co reports HY profit after tax from cont ops of A$35.2
million, down 74% on PCP 
    ** Stock has risen 0.4% this year as of last close


($1 = 1.5319 Australian dollars)
    

 (Reporting by Archishma Iyer and Shivangi Lahiri in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))