Storytel plummets after FY subscribers guidance cut

Storytel AB (publ)

05/11/2021 09:17

** Shares in Storytel  STORYb.ST  slump over 11% to their
lowest price in 19 months after the Swedish audio- and e-book
streaming services company slashed its Q4 subscribers
guidance urn:newsml:reuters.com:*:nRSD7QFf9q
    ** It now estimates the number of paying subscribers at end
of year to be 1.82-1.84 million (vs 1.95-2.0 million previously)
    ** Pareto Securities analyst Stefan Ward indeed points to
the guidance as reason for the shares' weakness
    ** The international streaming business continues to
disappoint, Ward adds
    ** He points out that Storytel manages to keep its sales and
EBITDA guidance thanks to strength in its print business
    ** Including Friday's fall, the stock has dropped almost 43%
YTD
 
    

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))