Shares in Viaplay slump 56% after the Swedish streaming company slashed 2023 sales and EBIT outlook, withdrew its long-term guidance and replaced its CEO
Viaplay attributes the outlook cut to worsening operating environment and a delay in realisation of its cost savings programme
The company appoints Jorgen Madsen Lindemann, the former CEO of Viaplay's previous parent MTG , as its new CEO, replacing Anders Jensen
Viaplay sees 2023 organic sales growth of 16%-17.5% for the group, down from previously expected 24%-26%, excluding Premier Sports, which it bought in July 2022, and currency exchange effects (FX)
For the Nordic region, the sales target is cut to 7%-8% from 12-15%, also excluding FX and Premier Sports
It sees 2023 EBIT ex. items and associated company income of SEK 0.8-1.0 bln ($73.9-92.4 mln) for the Nordics and a loss of SEK 1.4-1.5 bln for the international segment (previously profit of 1.2-1.35 bln and loss of SEK 1.0-1.1 bln respectively)
The stock is down 81.7% from its pandemic peak of SEK 535 per share recorded in October 2021
($1 = 10.8238 Swedish crowns)