SEK -4.55%: a softer macro backdrop and falling volumes have weighed on Seek’s first half and outlook today, with shares falling as much as 13% before staging a recovery. Analysts were expecting Seek’s numbers to fall vs 1H23, however, the 5% drop in revenue fell ~2.5% short of consensus and the 22.5% drop in profit was a 6% miss to the street. Price hikes through the period helped support yields, however, volume pressure was key while non-job advertising also suffered. Guidance was cut as well, EBITDA dropped 6% at the midpoint, and NPAT cut -15% to $190-220m, though the consensus was already towards the lower end of the prior range.
- Seek remains expensive while facing declining earnings and macro headwinds.
MM is neutral/negative SEK
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