• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Articles
  • News
  • Events
  • Advertize
  • Jobs
  • Courses
  • Contact
  • (0)
  • LoginRegister
    • Facebook
    • LinkedIn
    • RSS
      Articles
      News
      Events
      Job Posts
    • Twitter
Datafloq

Datafloq

Data and Technology Insights

  • Categories
    • Big Data
    • Blockchain
    • Cloud
    • Internet Of Things
    • Metaverse
    • Robotics
    • Cybersecurity
    • Startups
    • Strategy
    • Technical
  • Big Data
  • Blockchain
  • Cloud
  • Metaverse
  • Internet Of Things
  • Robotics
  • Cybersecurity
  • Startups
  • Strategy
  • Technical

AutoStore shares fall 12% on worries over growth

Reuters / 1 min read.
May 12, 2022
floq.to/g6vFo

By Terje Solsvik and Marie Mannes

OSLO (Reuters) -Norway’s AutoStore on Thursday posted weaker-than-expected order intake, sending its shares sharply lower on concerns a global economic slowdown could cut demand for its warehouse automation technology.

AutoStore has seen exponential growth in orders from e-commerce firms, and last year became Norway’s most valuable stock market entrant in two decades, but on Thursday its shares fell 11.6% to their lowest level yet.

Orders grew in the January-March quarter by 32% year-on-year to $160.6 million, but analysts had on average expected an increase to around $179 million, brokers Jefferies and Citi said in notes to clients.

The discrepancy raised questions of “slowing warehouse spend from major e-commerce players”, Citi said.

AutoStore maintained its prediction for full-year 2022 revenue of $550 million-$600 million and upheld a medium-term outlook of 40% annual growth.

Revenue and profits also grew more than expected in the first quarter, driven partly by orders received in past periods.

AutoStore’s revenue for January-March rose to $123.1 million from $64.1 million in the same period of 2021, beating the average forecast of $112 million in a company-provided poll of analysts.

“Despite the current tight market situation for certain parts and materials, we are confident in our ability to deliver solutions to sustain the revenue growth,” Chief Executive Karl Johan Lier said in a statement.

AutoStore said it has introduced price hikes and a temporary aluminium surcharge to mitigate the impact on earnings margins of supply chain problems.

The company expects margins to improve towards the end of 2022 and going into 2023 as the higher overall price of its products as well as extra charges for aluminium components take effect.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for January-March rose to $54.2 million from $32.3 million in the same period of 2021, beating the average expectation of $49.8 million.

The Oslo-listed company‘s shares traded down 8.5% at 0928 GMT and are down 50% year-to-date.

AutoStore’s biggest owner is Japan’s SoftBank with a stake of 38.3%.

(Reporting by Terje Solsvik in Oslo and Marie Mannes in Gdansk; editing by Uttaresh.V and Barbara Lewis)

Categories: News
Tags: analysts, company, growth, market, revenue

About Reuters

Primary Sidebar

E-mail Newsletter

Sign up to receive email updates daily and to hear what's going on with us!

Publish
AN Article
Submit
a press release
List
AN Event
Create
A Job Post

Jobs

  • Software Engineer | South Yorkshire, GB - February 07, 2023
  • Software Engineer with C# .net Investment House | London, GB - February 07, 2023
  • Senior Java Developer | London, GB - February 07, 2023
  • Software Engineer – Growing Digital Media Company | London, GB - February 07, 2023
  • LBG Returners – Senior Data Analyst | Chester Moor, GB - February 07, 2023
More Jobs

Tags

AI Amazon analysis analytics application Artificial Intelligence BI Big Data business China Cloud Companies company crypto customers Data design development digital engineer engineering environment experience future Google+ government Group health information learning machine learning mobile news public research security services share skills social social media software solutions strategy technology

News

  • Canada facing rising threat from cyberattacks – defence minister
  • Majority of EU countries against network fee levy on Big Tech, sources say
  • Twitter’s head of brand safety and ad quality to leave -source
  • US court approves ‘social casino’ $415 million class settlement
  • YouTube to stop removing content making false claims on past elections
More News

Related Online Courses

  • Oracle Cloud Data Management Foundations Workshop
  • Data Science at Scale
  • Statistics with Python
More courses

Footer


Datafloq is the one-stop source for big data, blockchain and artificial intelligence. We offer information, insights and opportunities to drive innovation with emerging technologies.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Recent

  • 5 Reasons Why Modern Data Integration Gives You a Competitive Advantage
  • 5 Most Common Database Structures for Small Businesses
  • 6 Ways to Reduce IT Costs Through Observability
  • How is Big Data Analytics Used in Business? These 5 Use Cases Share Valuable Insights
  • How Realistic Are Self-Driving Cars?

Search

Tags

AI Amazon analysis analytics application Artificial Intelligence BI Big Data business China Cloud Companies company crypto customers Data design development digital engineer engineering environment experience future Google+ government Group health information learning machine learning mobile news public research security services share skills social social media software solutions strategy technology

Copyright © 2023 Datafloq
HTML Sitemap| Privacy| Terms| Cookies

  • Facebook
  • Twitter
  • LinkedIn
  • WhatsApp

In order to optimize the website and to continuously improve Datafloq, we use cookies. For more information click here.

settings

Dear visitor,
Thank you for visiting Datafloq. If you find our content interesting, please subscribe to our weekly newsletter:

Did you know that you can publish job posts for free on Datafloq? You can start immediately and find the best candidates for free! Click here to get started.

Not Now Subscribe

Thanks for visiting Datafloq
If you enjoyed our content on emerging technologies, why not subscribe to our weekly newsletter to receive the latest news straight into your mailbox?

Subscribe

No thanks

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Marketing cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!