Profit warning leads to Mecom shares diving
Stocks in Mecom plummeted after a profits warning.
A profit warning from Mecom has led to its share price plummeting this week.
Stocks in the European publisher lost a third of their value as a result of an announcement from the firm that its ad revenues have fallen by 28 per cent in January and February.
Investors were shocked by the company's admittance ad revenues will plummet more than 20 per cent in March and April.
"The Dutch economic crisis has worsened, with new data published at the end of March showing deteriorating trends for a number of indicators," the publisher said.
It was noted by the firm that it does not expect there to be any improvement in economic conditions and consumer confidence until later in the year at the earliest.
At 08:30 this morning (April 9th), shares in Mecom stood at just 55.00, down from 56.50 at the start of the day's trading.
Before the warning over its profits for the year, its stocks were trading at around the 85.00 mark.
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