Shares in Worldline drop almost 50%, tracking their worst day ever, after the French payment group lowered its full-year targets, missed Q3 expectations and scrapped 2024 targets
The move, in high volumes, wipes out about 3 bln euros from the company's market cap
Wordline reports Q3 revenue of 1.18 billion euros ($1.25 billion), and sees FY organic growth at 6-7% (prev. 8-10%)
J.P.Morgan flags miss in every division, with Q3 overall sales 2.6% below expectations
"These results are a disappointment in terms of the FY23 miss," JPM says, adding that discarded long-term targets may "help somewhat clear the deck as the market did not believe them"
Jefferies says overall concern on a prolonged downturn will likely cause further uncertainty about recovery
Stifel expects 2024 consensus to be revised down by about 15%-17%, following Worldline's comments on expected 100 million euro y/y improvement in 2024 OMDA
The stock, which hits its lowest price ever, sits at the bottom of France's blue-chip CAC 40 index <.FCHI>
Peers Nexi , Adyen also drop 10.6% and 4.2% respectively