Axel Springer lowers revenue guidance after Leisure sale
FILE PHOTO: The logo of the German publisher Axel Springer is seen outside its headquarters in Berlin August 7, 2013. REUTERS/Thomas Peter/File Photo
FRANKFURT - Axel Springer reported a decline in first-quarter core profits and lowered its revenue guidance on Tuesday as the German publisher stakes a long-term wager on growing its digital classifieds and media businesses. Adjusted earnings before interest, taxation, depreciation and amortization dropped by 2.5 percent - slightly above mean forecasts in a Reuters poll of analysts.
Berlin-based Springer stood by its guidance for no change in adjusted EBITDA this year but cut its revenue forecast, also to unchanged, to reflect the recent sale of its vacation rental unit @Leisure that is expected to close in June.
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