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REFILE-Media house Schibsted Q2 earnings beat forecast
July 18, 2017 / 5:49 AM / 2 months ago

REFILE-Media house Schibsted Q2 earnings beat forecast

(Refiles to remove headline tag)

July 18 (Reuters) - Schibsted ASA:

* Q2 EBITDA ex investment phase NOK 880 million ($108.38 million)(Reuters poll NOK 834 million)

* Q2 EBITDA NOK 694 million (Reuters poll NOK 645 million)

* Q2 revenues NOK 4.3 billion (Reuters poll NOK 4.29 billion)

* “Within Online classifieds, we continue to see good revenue growth combined with operational leverage,” CEO Rolv Erik Ryssdal said in a statement

* “First impression is positive,” says Danske Bank Markets analyst Martin Stenshall, who has a “buy” rating on the stock. “Management guides investments further planned to be reduced in H2 2017 and in 2018.”

* Outlook: Schibsted keeps guidance of 15-20 percent revenue growth in online classifieds, its top division, for mid to long term

* In online classifieds, Schibsted says full-year investments are expected to go down versus 2016, and the investments are expected to go down sequentially quarter by quarter in 2017

* On investments in Technology and Online Product Development, Schibsted says: “In 2018, we will be able to take advantage of efficiency effects and reduce duplication of efforts within product and technology” Source text for Eikon: Further company coverage: ($1 = 8.1195 Norwegian crowns) (Reporting by Gwladys Fouche)

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