Storytel on track worst day in 6 years amid margin guidance cut

Storytel AB (publ)

06/08/2021 08:28

** Shares in Swedish audio- and e-book streaming services
company Storytel  STORYb.ST  slide 20%, on track for their worst
day since June 2015
    ** The company cuts its 2021 forecast for EBITDA margin to
6–8% negative from 0–5% negative margin  urn:newsml:reuters.com:*:nFWN2PC1VD
    ** The lowered EBITDA margin is mainly attributable to
increased marketing investments to build awareness in markets
such as Poland, the Netherlands and Finland, the company said in
a statement
    ** "We are experiencing slower growth than anticipated in
Latam and Spain," it added
    ** Including today's fall, the stock has dropped by 33.72%
year-to-date


($1 = 8.6191 Swedish crowns)

 (Reporting by Jagoda Darlak)
 ((jagoda.darlak@tr.com))