Trade Me shares dip after earnings on ‘muted’ outlook, sales growth lags estimates

Wed, 22 Aug 2012

By Hannah Lynch Aug 22 (BusinessDesk) – Shares of Trade Me, the online auction site spun off by Fairfax Media in December, dropped after its inaugural results as a listed company showed annual sales growth lagged behind estimates and it gave “muted” comments about the outlook for trading. The stock fell 2.5 percent to $3.87, declining from the highest level in more than two months after the Wellington-based company said full-year profit rose 8.4 percent to $75.6 million and sales gained 13.8 percent to $142 million. Analysts had expected prof...

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