Dentsu Group Shares Fall Sharply After 50% Plunge in First-Quarter Net Profit
By Ronnie Harui
Dentsu Group Inc. shares fell sharply Tuesday morning after the Japanese company reported a 50% plunge in first-quarter net profit.
Shares in the advertising and public relations company were recently 7.6% lower at 4,585.0 yen ($33.68) after sliding as much as 8.4% earlier.
The company said Monday after market close that first-quarter net profit fell to Y11.8 billion from Y23.9 billion for the same period a year earlier. Operating profit declined to Y25.7 billion from Y40.7 billion a year earlier.
Dentsu reiterated its guidance released in February. It expects fiscal-year net profit of Y77.1 billion, up from Y59.85 billion posted in the prior fiscal year, and operating profit of Y154.30 billion, up from Y117.62 billion recorded in the previous fiscal year.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
May 15, 2023 23:31 ET (03:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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