Trying to turn the ship around by cost cutting doesn't sound like a growth business?
"MARKET RELEASE – MONDAY 6 MAY 2024
EMBARGOED UNTIL [DATE] [delete this row if not required]
Spark reduces FY24 EBITDAI guidance as
tough trading conditions intensify
Spark New Zealand (Spark) today announced it is reducing FY24 EBITDAI guidance from
$1,215-$1,260 million to $1,170-$1,210 million, as
challenging trading conditions intensified in some
parts of the business. There is no change to FY24 capital expenditure and dividend guidance.
At Spark’s first half results the Company noted
weaker demand in the enterprise and government
market, which impacts Spark’s IT revenues. Since the half, public and private
sector spending cuts
have deepened, and Spark has seen significantly reduced demand in IT service management and
professional services and
delays to planned digital transformation projects.
At the same time, while mobile service revenue and broadband performance remains in line with
expectations, sales of mobile devices and accessories have been
softer than expected as high
interest rates and cost-of-living pressures
dampened consumer spending. "
https://stocknessmonster.com/announc...pk.nzx-430555/