YouGov PLC (AIM:YOU) shares soared more than 17% on Tuesday after the market research company announced a cost-optimisation plan and an acquisition of an artificial intelligence (AI) company.
The London-listed company has struggled to sustain earnings growth, having issued a profit warning in June, but today’s corporate update has injected some optimism back into the market.
YouGov slightly upped its full-year revenue projections from £324-327 million previously. Operating profit is now expected to be in the £43-46 million range, up from £41-44 million but still down from £48.3 million in 2023.
It also said it is buying Yabble, a New Zealand-based technology company that uses generative AI to deliver audience insights.
Although shares ran up more than 17% to 515p, they are still nearly 60% lower year to date due to the June profit warning.