By Elena Vardon
Audioboom Group said it expects to return to positive core earnings in its fourth quarter and sees further growth in 2024 after it reported a swing to loss for the first nine months of 2023 as the advertising market downturn weighed on its revenue.
The U.K. podcast company posted total adjusted loss before interest, taxes, depreciation and amortization for the nine months ended Sept. 30 of $1.7 million, which it says includes creator minimum guarantees payments. It had posted $2.7 million for the same period the previous year.
Revenue for the period was $45.8 million, down from $57.1 million, it said on Monday, pointing to weakness in the advertising market and the loss of its Morbid podcast the previous year.
For the fourth quarter, it expects at least $19 million in revenue–against $18.3 million in the comparable year-prior period–which it sees leading to a return to adjusted Ebitda profit for the three-month period.
“I am confident about our prospects for 2024 and I am pleased to maintain our expectations for record revenue performance next year,” Chief Executive Stuart Last said.
Write to Elena Vardon at [email protected]
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