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Mobile Streams shares fall as it updates on 2016 expectations

Smartphone app specialist Mobile Streams updated on expectations for the year to end June, 2016.
Mobile Streams shares fall as it updates on 2016 expectations
Mobile Streams sells apps for smartphones

Smartphone app specialist Mobile Streams (LON:MOS) saw shares lose 20% as it updated on expectations for the year to end June, 2016.

Due to investment in new products such and new geographies such as India and Nigeria, as well as ongoing challenges in the core market of Argentina, the AIM firm said it expected revenues to be materially lower than current market expectations and EBITDA (underlying earnings) to be around breakeven.

It added it would update guidance in due course and expects to release its 2015 full year results in early October.

The AGM is planned for November 3 in London.

In an update last month, the firm said for 2015 year, EBITDA had been in line with market expectations, while revenues were around £29 million, down from ££48.6mln in 2014.

Mobile Streams ended the 2015 year free of debt with £2.9mln in cash, down from £3.2mln at the end of June 2014.

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