Storytel plummets after CEO departure, Q4 results
18/02/2022 09:01
** Storytel STORYb.ST shares plunge 21% to NOK 93.50,
their lowest in more than three years, after the Swedish audio-
and e-book streaming services company announced departure of its
CEO and posted loss for Q4
** Storytel said on Thursday evening, ahead of its earnings
release on Friday, that its CEO Jonas Tellander was stepping
down with immediate effect urn:newsml:reuters.com:*:nFWN2US1Y5
** Pareto analyst Stefan Wård says in a video comment the
CEO resignation is a big change that he expects to be initially
taken negatively
** "I think it should be read as the company updating its
strategy. I think it will be more focused and less oriented on
going so widely into different markets," Wård says
** He adds the Q4 results were generally in line with what
was previously announced, with the top line slightly below
expectations
** Storytel's Q4 EBITDA loss widened to SEK 78.2 million
($8.41 million) from SEK 22.8 million a year earlier
urn:newsml:reuters.com:*:nFWN2US24G
** The company also said they would discontinue quarterly
forecasts on subscriber base
** After Q3 report in November, shares in Storytel slumped
more than 11% on lowered Q4 subscriber guidance urn:newsml:reuters.com:*:nL8N2RW2FB
($1 = 9.3012 Swedish crowns)
(Reporting by Marie Mannes and Agata Rybska)
((Marie.mannes@thomsonreuters.com))