artnet AG adjusts forecast for fiscal year 2023: revenues expected to be around $26M (previously $28M-$30M).
Operating profit forecast for 2023 fiscal year adjusted to around -$0.7M (previously $1.0M-$1.6M).
Lower than expected performance in Marketplace segment and delayed contracts contribute to adjustment.
EQS-Ad-hoc: artnet AG / Key word(s): Change in Forecast
artnet AG: artnet adjusts forecast for fiscal year 2023
22-Dec-2023 / 19:36 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
New York/Berlin, December 22, 2023 – artnet AG (“Company”) decided today to adjust its forecast for the 2023 fiscal year. The Company expects revenues of around 26M USD for the 2023 fiscal
year (previously: 28M – 30M USD). Additionally, the Company now expects to achieve an operating profit (=EBIT) of around USD -0.7 million (previously: between USD 1.0 million and USD 1.6
million) for the 2023 fiscal year. The adjustment of the forecast is due to lower than expected performance in the Marketplace segment, particularly in the fourth quarter of the current
fiscal year, caused primarily by the worldwide economic headwinds and the associated art industry specific downturn. Furthermore, several large Data and Media contracts, which were expected
for the fourth quarter of 2023, have been delayed and are now expected to be realized in the first quarter of the 2024 fiscal year.
Contact:
Sophie Neuendorf
Vice President, Artnet AG
[email protected]
End of Inside Information
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News source: EQS Group AG | Dec 22, 2023, 7:36 p.m. | 101 |
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