SEK -0.95%: The online recruitment platform downgraded full-year revenue guidance today, but maintained FY earnings expectations showing their ability to pull the cost levers in response to softer demand for job ads. The stock dropped ~6% early, which was ludicrous given they said revenue would be approximately $15m lower than previously thought, now tipping a number of $1.245bn. That’s a very small incremental downgrade and to MM is more of a positive with respect to disclosure – something we value from the companies we own. While we like SEK believing they are a high-quality operator, they’re not cheap for the growth being delivered and we intend to be active around our holding.
MM remains bullish & long SEK
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