Verimatrix: Tumbles on worse-than-expected revenues

Verimatrix SA

11/03/2021 09:05

** Shares in Verimatrix  VMX.PA  slump nearly 14% after the
French software security company reported FY revenues below
expectations despite a tight control of expenses
    ** The group posted consolidated revenues of $94.9 million
in 2020, down from the $100 million it previously guided for,
and below Portzamparc's estimate of $101 million  urn:newsml:reuters.com:*:nASN000XR3
    ** Q4 was impacted by customer decisions to push back orders
to 2021 and by set-top box manufacturers penalised by the global
shortage of electronic components, Verimatrix said
    ** Portzamparc cuts the company to "hold" from "accumulate",
cautious on the rebound of royalties from decoder manufacturers
and the transition to a SaaS and subscription-based business
    ** Today's losses wiped off 37.5 million euros ($44.85
million) from the company's market capitalisation, with over
982,000 shares having changed hands by 0900 GMT

($1 = 0.8361 euros)

 ((juliette.portala@thomsonreuters.com))