ITV share price declines on advertising warning
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Broadcaster ITV (LON:ITV) saw its share price drop by 4.83% to 146.80p (as of 12:10 GMT) as total advertising revenues for the year looked to be lower despite a double digit rise in digital. Total external revenues for the nine months ended 30th September was up by 6% at £2.25 million, with ITV studios bringing in 10% more than last year.
Chief executive Carolyn McCall said: “ITV’s performance in the first nine months of the year was very much as we expected. We delivered 6% growth in external revenues with total advertising up 2%, driven by 43% growth in online revenues, and 10% growth in total ITV Studios revenues.
[…]Online advertising continues to deliver strong double digit revenue growth. We are seeing some softening in ITV Family NAR in Q4 due to the increasingly uncertain economic environment and as a result we expect total advertising to be down around 3% in Q4 and broadly flat over the full year“.
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