Earnings fail to excite the market
The S&P/NZX 50 Index fell 134.36 points, or 1.1%, to 12,294.26. Within the index, all but ten stocks fell, with three of those unchanged.
Serko’s loss, while hefty, was not unexpected and was in line with analyst expectations. The company today reported a net loss of $29.4m on operating revenue of just $12.4m.
Shares in the travel booking software company plunged 6.7% to $6.25 as investors were hoping for the stock to beat its expectations. Serko had a 2.2% jump ahead of the result yesterday and is up almost 9% this year.
Head of private wealth research at Craigs Investment Partners, Mark Lister said the lack of earnings guidance for the coming 2022 year had likely disappointed some investors as well.
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