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BRIEF-Raysearch warns of weaker than expected Q3
November 1, 2017 / 12:08 PM / a month ago

BRIEF-Raysearch warns of weaker than expected Q3

Nov 1 (Reuters) - Raysearch

* Raysearch releases preliminary outcome for Q3 2017

* Says ‍releases preliminary figures for Q3 of 2017, which appear to be weaker than expected​

* Says ‍net sales for Q3 of 2017 are expected to amount to SEK 112 m (126) with operating profit of SEK 1 m (38) and cash flow of SEK -1 m (-4)

* Raysearch shares drop 12 pct after profit warning​

* Says ‍result has been influenced by three main factors​:

* ‍Weak order intake in Europe, where several major public tenders have been delayed​

* Continued weakening of the US dollar, where the company’s revenues have decreased as a consequence of a weaker US dollar, which also caused negative translation effects for balance sheet items

* Increased costs, where the company so far this year, as a conscious effort, has increased the number of employees in the global market organization and in research and development by about 50 percent, which has not yet generated increased order intake Source text for Eikon: Further company coverage: (Stockholm Newsroom)

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