-German broadcasting and media group ProSiebenSat.1 announced a bigger-than-expected drop in quarterly revenue on Thursday, dampened by weak advertising sales and the impact of the sale of comparison
ProSiebenSat.1 Faces Revenue Decline Amid Advertising Challenges
-German broadcasting and media group ProSiebenSat.1 announced a bigger-than-expected drop in quarterly revenue on Thursday, dampened by weak advertising sales and the impact of the sale of comparison website Verivox.
The group's revenue decreased 7% year-on-year to 840 million euros ($959 million) in the quarter ended June 30 from 907 million euros in the year-ago quarter.
Analysts in a poll provided by LSEG had expected second-quarter revenue of 855 million euros.
The group also specified its guidance for the full year and said it now expected an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) below the midpoint of its target range of between 470 and 570 million euros.
It confirmed its revenue guidance range of between 3.7 and 4 billion euros.
In the second quarter, adjusted EBITDA fell 39.7% year-on-year to 55 million euros, remaining above analysts' expectations of 52 million euros in a poll provided by LSEG.
(Reporting by Bernadette Hogg; Editing by Lincoln Feast and Janane Venkatraman)
