Investors wiped $874 million off Vocus Communications' market capitalisation on Tuesday after its profit forecast fell short of expectations.
Delivering its first earnings guidance rolling in the recently acquired Nextgen, M2 Group and Amcom businesses, Vocus said revenue was expected to be about $1.9 billion, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) was forecast between $430 million and $450 million in 2016-17, while underlying net profit after tax was expected to be between $205 million and $215 million.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
