Profits for the Audioboom podcast platform rose as the advertising market shows recovery
- Guidelines for podcast platform upgrades for the second time in a month
Shares of podcast publisher Audioboom rose sharply on Friday after the group raised annual profit expectations for the second time in a month.
Audioboom, where the popular F1: Beyond the grid podcast – and is also home to our This is money podcast, told shareholders that it had maintained strong momentum in the fourth quarter of the year.
Revenue within the Showcase advertising platform rose 49 percent year-over-year in October.
The AIM-listed company now expects to post full-year adjusted profits of $2.8 million (£2.2 million) ahead of the $2.5 million upgrade on October 15.
Showcase is a technology-based advertising marketplace. According to Audioboom, advertisers can set up a campaign in five minutes via a self-service portal.
Audioboom is considering an alternative listing in the US
The platform’s success marks a significant improvement after Audioboom CEO Stuart Last highlighted a “recession in the advertising market” last summer.
Weakness in the global advertising world, which has also weighed on London-listed advertising companies such as M&C Saatchi, has helped push Audioboom shares down 18.3 since the start of the year.
Audioboom Stocks rose 8.3 percent to 233p on Friday.
The shares also suffered a $9 million drop in sales due to an update to Apple’s iOS operating system.
The perceived undervaluation of the shares has prompted Audioboom to consider an alternative stock exchange listing in the US.
The shareholders recently said on Friday: ‘Audioboom’s strong performance continued in the last quarter of the year.
“With confidence in advertising demand for the remainder of our strongest quarter of the year, I am very pleased to see a second upgrade to our adjusted EBITDA earnings guidance this year.”
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