Verve Group SE (VER.ST, MGIMF), a Swedish-based digital media company, on Tuesday reported its earnings declined despite an increase in revenue in the third quarter compared with the same period last year.
For the third quarter, adjusted net income declined to 1.1 million euros from 10.9 million euros in the prior year.
Adjusted earnings per share were 0.01 euros versus 0.05 euros last year.
Adjusted EBIT declined 39 percent to 15.4 million euros from 25.2 million euros in the same period last year.
Adjusted EBITDA decreased 22 percent to 26.1 million euros from 33.6 million euros in the prior year.
Revenue for the period increased 25 percent to 141.9 million euros from 113.7 million euros in the previous year.
Further, the company now expected net revenue of 560 million euros and 580 million euros, up from the previous 485 million euros and 515 million euros.
The company maintained its adjusted EBITDA forecast of 125 million euros and 140 million euros.
On Monday, Verve Group closed trading, 1.63% lesser at SEK 21.70 on the Stockholm Stock Exchange.
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