Artnet AG Adjusts Fiscal Year 2023 Forecast: What You Need to Know

• artnet AG has adjusted its forecast for the fiscal year 2023.
• The company now expects revenues of around 26M USD for the 2023 fiscal year, down from the previous forecast of 28M - 30M USD.
• artnet AG also expects to achieve an operating profit (EBIT) of around USD -0.7 million, a decrease from the previous forecast of between USD 1.0 million and USD 1.6 million.
• The adjustment of the forecast is due to lower than expected performance in the Marketplace segment, particularly in the fourth quarter of the current fiscal year.
• The lower performance is attributed to worldwide economic headwinds and the associated downturn in the art industry.
• Several large Data and Media contracts, which were expected for the fourth quarter of 2023, have been delayed and are now expected to be realized in the first quarter of the 2024 fiscal year.

The price of artnet at the time of the news was 6,9500EUR and was down -5,76 % compared with the previous day.
11 minutes after the article was published, the price was 7,0500EUR this corresponds to a plus of +1,44 % since publication.

artnet

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ISIN:DE000A1K0375WKN:A1K037

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