May 3, 2018 / 7:34 AM / in 7 months

Publisher Schibsted's shares drop 10 pct as Q1 misses forecast

OSLO, May 3 (Reuters) - Norwegian publisher and classified advertising firm Schibsted reported a smaller-than-expected rise in first-quarter earnings on Thursday, sending its shares down some 10 percent in early trade.

The company’s newspaper division showed the biggest earnings miss, and analysts are likely to cut their expectations for Schibsted’s overall earnings outlook following the report, brokers DNB Markets said in a note to clients.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 41 percent year-on-year to 610 million crowns ($75.28 million), while analysts in a Reuters poll had anticipated an increase of 47 percent to 639 million crowns.

When adjusted for special accounting effects, core earnings missed forecasts by about one percent.

Schibsted’s shares were trading down 7.3 percent at 0720 GMT, underperforming a drop of 0.5 percent in the Oslo benchmark index. ($1 = 8.1028 Norwegian crowns) (Reporting by Terje Solsvik; editing by David Evans)

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