Audioboom Group (LSE: BOOM) reported a wider pre-tax loss for 2023 but expressed optimism for the year ahead.
The podcast publisher’s loss widened to $16.8 million from $429,000, with revenue falling 15% to $65.0 million. However, the company pointed to a positive start to 2024, with revenue up 11% year-on-year in Q1 and a record number of advertisers.
Audioboom expects 2024 to be a record year, with investment focused on growing its sales team and attracting new blue-chip clients.
The company anticipates a return to profitability due to higher revenue, improved podcaster revenue share deals and reduced minimum guarantee obligations.
Despite the positive outlook, Audioboom’s shares fell 12% by Monday lunchtime.
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