Australia's Seek emerges among top losers on ASX after dour FY24 forecast

SEEK

12/02/2024 23:47

** Shares of Seek  SEK.AX  slump as much as 13.3% to
A$23.26, set for their worst day since Aug 12, 2020, if losses
hold 
    ** Co stock emerges as the second-biggest loser in the
benchmark  .AXJO  
    ** The online employment services provider cuts its 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 
    ** It also slashes its revenue forecast to a range of A$1.15
bln and A$1.21 bln, lower than previously announced A$1.18 bln
and A$1.26 bln 
    ** Says earnings downgrade is due to slower advertisement
volumes in the last two months of CY2023, and assumes lower ad
volumes throughout H2 of FY2024  
    ** 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 in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))