Storytel's Q2 streaming update is 'step in the right direction', shares rise

Storytel AB (publ)

07/07/2022 09:08

** Shares in Storytel  STORYb.ST  rise 8.9% after the
Swedish audio- and e-book streaming service company gave a Q2
update  urn:newsml:reuters.com:*:nFWN2YN1KC
    ** "A step in the right direction," says DNB Markets as Q2
streaming revenues came in at SEK 704 million ($66.85 million),
up 29% from a year earlier and 1% ahead of DNB's estimate
    ** DNB adds the company delivers on its short-term guidance
"which should gradually restore investor confidence in FY growth
ambitions"
    ** Pareto expects the business to be EBITDA profitable
during H2, while DNB expects the firm to hit the higher end of
its FY adj. EBITDA margin target range of -3% to 0%
    ** The stock is on track for its best day in over a month

($1 = 10.5306 Swedish crowns)

 (Reporting by Ina Kreutz)
 ((ina.kreutz@thomsonreuters.com))