IHS Holding Shares Fall 15% on Wider-than-Expected 1Q Loss
By Sabela Ojea
Shares of IHS Holding on Tuesday dropped after the company reported significantly wider-than-expected loss in the first quarter amid a big drop in revenue, mainly driven by its Nigerian business.
The stock was down 15% to $3.27 in midday trading.
The telecommunications infrastructure provider posted a net loss of $1.55 billion, or $4.67 a share, compared with a profit of $10.6 million, or 3 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast a narrower loss per share of 7 cents.
The company attributed the loss to negative movements in foreign exchange rates and an increase in net finance costs.
Revenue dropped 30% to $417.7 million, with Nigeria revenue plunging 46% to $227.7 million. The company recorded a non-core impact of negative movements in foreign exchange rates of $392.1 million, or 92.3%, in the market.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
May 14, 2024 12:12 ET (16:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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