Worldline Shares Plunge as Payment Company Cuts Guidance, Blames Weakening German Economy
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Worldline shares plunged after the payment company sharply cut guidance, blaming a weakening economy in Germany.
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Worldline lowered its forecasts for organic sales growth, free cash flow conversion, and margin expansion. It also scrapped its 2024 guidance.
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CEO said economic conditions are causing a shift from discretionary to non-discretionary consumer spending, hurting growth and profitability.
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Worldline is accelerating cost-cutting efforts and moving forward plans to boost revenue in 2024.
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The profit warning hit shares of other payment companies like Adyen, Block, and PayPal in pre-market trading.