Storytel brings relief with positive Q2 earnings surprise, shares jump

Storytel AB (publ)

05/08/2022 10:08

** Shares of Storytel  STORYb.ST  jump over 13% after the
Swedish audio and e-book streaming service company posted Q2
earnings beating consensus, kept guidance  urn:newsml:reuters.com:*:nL8N2ZH15N
    ** A "positive surprise," Joachim Gunell from DNB Markets
says, adding quarterly adjusted EBITDA break-even (1.6% margin)
was clearly ahead of consensus, signalling the restructuring and
focus on established markets are bearing fruit
    ** Even though Q3 revenue guidance is 3% below DNB's
forecast, the unchanged FY guidance "suggest profitable growth
in H2" and the results "warrant a relief", Gunell adds
    ** Storytel reports Q2 streaming revenue up 29% y/y to SEK
704 mln ($69 million), with net sales up 28%  to SEK 781
mln urn:newsml:reuters.com:*:nFWN2ZG8MY
    ** Friday's rise reduces the stock's YTD losses to about 57%
    
    



($1 = 10.1486 Swedish crowns)

 (Reporting by Jacob Rasmussen)
 ((jacob.rasmussen@thomsonreuters.com))