Brief: Norway's Schibsted Q3 earnings beats forecast
04/11/2016 06:36
Nov 4 (Reuters) - Schibsted SBSTA.OL :
* Q3 EBITDA ex-investment phase NOK 756 million (Reuters
poll 683 million), up 13 pct vs Q3 2015
* Schibsted Q3 revenues NOK 3,798 million (Reuters poll NOK
3.80 billion) vs NOK 3,673 mln in Q3 2015
* Q3 pretax result NOK 392 million (Reuters poll NOK 316
million) vs NOK 965 mln in Q3 2015
* Says "Schibsted reported its highest ever gross operating
profit number for a third quarter. This was a result of
continuing revenue growth and improved profitability margins in
the online classifieds operations as well as online growth and
significant cost reductions in the media houses"
* Keeps guidance of 15-20 percent revenue growth in online
classifieds for mid to long term
* says in Spain, revenue growth is expected to reaccelerate
in 2017 as a result of product enhancements and better market
conditions
* Investments in online classifieds in full year 2016 are
expected to be in the range EUR 90-95 million (compared to EUR
95.6 million in 2015).
* Says in 2017, the investments in online classifieds are
expected to go significantly down.
* Says our newspapers in Norway and Sweden continue to face
negative revenue development driven by rapid decline in print
advertising
* Says EBITDA of the other/headquarters segment, which
includes product and technology investments, is estimated to be
negative NOK 650-700 million in the full year 2016
* Says investment level (in other/headquarter) is likely to
go slightly up on a full year basis in 2017, before we are able
to take out efficiency effects and reduce duplication of efforts
in 2018
Source text for Eikon: urn:newsml:reuters.com:*:nNDL3xZ85d
Further company coverage: SBSTA.OL
(Reporting by Gwladys Fouche)
((gwladys.fouche@thomsonreuters.com;))