Shares in Audioboom Group PLC (AIM:BOOM) rose 5.5% in the first hour of trading after the podcast company announced it expects earnings for 2024 to exceed market forecasts.
The company now anticipates at least $3.1 million in adjusted EBITDA, surpassing the recently upgraded estimate of $2.8 million, driven by strong performance in its advertising marketplace, Showcase.
Showcase revenue grew by 53% in November compared to the same month in 2023, with a record 10,165 brand advertisers, a 65% increase year-on-year.
Average revenue per 1,000 downloads also rose by 38% to $75.60, reflecting growing demand and improved pricing across the platform.
Audioboom credits its focus on high-margin products like Showcase for offsetting challenges caused by Apple's iOS17 update, which reduced inventory and impacted potential revenue.
The company forecasts 2024 revenue to reach at least $73 million and anticipates continued growth in 2025, aligned with the industry’s 10% growth forecast.
In early trading, the stock was changing hands for 355.5p, up 18.5p.