Podcast company Audioboom Group PLC (AIM:BOOM) took a dive on the AIM market on Friday, with shares knocking 25% lower following a trading update.
Despite setting new records for podcast downloads, the group downgraded its revenue and EBITDA guidance due to challenges in the advertising markets.
To safeguard against future advertising market conditions, the company has adjusted the approach taken to calculating its minimum guarantee offers for podcast partners.
Audioboom shares were trading at 216p with a market capitalisation of £46.3mln as of 9.20am, 23 June.