Tremor International Ltd (AIM:TRMR) shares plunged almost 30% on Thursday morning as the advertising technology firm reported a loss for the first half of the year.
Penning a US$8 million deficit for the six months to June, down from a US$15.5 million profit last time around, Tremor warned challenging market conditions had weighed into advertising spending.
“Major advertisers will remain cautious and less willing to adopt new products and platforms” in the second half in light of the tough environment, Tremor said.
As a result, Tremor lowered full-year earnings guidance to between US$85 million and US$90 million, down from US$140 million and $145 million previously.
Shares fell 29% to 180.12p.