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Raysearch warns of weaker than expected Q3

Wednesday, 1 Nov 2017 

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. 

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