The software company Qt Group calculates its outlook for this year and reported preliminary figures for the second quarter of the year.
A software company Qt Group said on Monday that it will lower its profit guidance for the current year.
The company now estimates that its turnover will grow this year in comparable currencies by 20-30 percent from the previous year, while previously it estimated the growth to be 30-40 percent.
According to preliminary and unaudited figures, the group’s turnover in the second quarter of the year was approximately EUR 37 million. In comparable currencies, turnover increased by approximately two percent compared to the previous year.
According to the company, the operating profit for April–June was approximately nine million euros and the operating profit margin was approximately 24 percent. Qt Group will announce its second quarter interim report on Thursday.
On Monday, Qt Group’s share price began a sharp decline on the Helsinki Stock Exchange.
A little before midday, the share price was down almost 17 percent. At 1 p.m., the stock plunge has already accelerated to 20 percent. It’s about Qt’s record sharp daily drop. The previous bottom of the collapse was seen in April, when the company published its results for the first quarter of the year. At that time, the stock fell 14.4 percent in price per day.
of the Qt Group according to, for example, rising energy prices, high inflation and slowing economic growth made customers’ purchasing behavior more cautious in the second quarter, especially in Asia.
“Especially more significant projects were postponed or only partially implemented, as a result of which the turnover, especially from development licenses and consulting, fell short of the company’s goals,” the company says in its press release.
The company estimates that in the second half of the year, its turnover will grow clearly stronger than in the first half. However, due to the January–June result, it lowered its guidance for the whole year.
Exchange rate changes according to the company, the effect on Qt Group’s turnover for the whole year will be significant if the exchange rates remain at the level of the end of June.
The company says that due to exchange rate changes, its revenue growth will be significantly higher than revenue growth in comparable currencies.
Qt Group estimates that if the market uncertainty continues, it can have an even more significant impact, especially on the turnover and growth figures of individual quarters. According to the company, its chances of continuing strong revenue growth are still “very good” in the long term.
Qt Group was one of the biggest stock market rockets on the Helsinki Stock Exchange in 2021. The company’s share cost 61 euros at the beginning of 2021. The share rose sharply over the course of the year, and at its peak in October, I had to pay almost 180 euros for the share.
During this year, the stock has fallen sharply. More than 51 percent of the share price has disappeared by Monday afternoon. Now the share costs almost as much as at the beginning of 2021.
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