Sinch shares hit bottom of STOXX after weak set of results
27/04/2023 08:31
** Shares in Swedish cloud computing services provider Sinch
SINCH.ST slump 12% after its Q1 sales declined year-on-year
and missed estimates
** The company said the adverse impact of the economic
downturn persisted during the quarter and held back volumes and
sales in several segments
** "Today's results are weak," J.P. Morgan says in a note
** The brokerage notes Sinch sales were 1.3% below company
consensus despite a positive FX impact of 9pp in the quarter
** "It is very difficult to reconcile where the miss has
come from," JPM says, adding that Sinch reported very large
eliminations of SEK 87 mln, which historically were zero
** The stock, on track for its worst day in six months, is
the worst performer on STOXX 600 .STOXX index
(Reporting by Izabela Niemiec)
((izabela.niemiec@thomsonreuters.com))