Shares in media monitoring company Isentia fell hard after announcing a profit downgrade.
A short time ago, they were down 16% to $1.865. The shares are now down by more than half since the year high of $4.14
The market leading Australian media monitoring group today also announced it was fully writing down by $37.8 million the value of its troubled content marketing business, King Content, and is shedding staff.
In a guidance update, the company says full year revenue is now expected to be $155.1 million, down from the consensus estimates of $162 million.
Content Marketing is expected to report a 30% drop in revenue to $14.2 million and an EBITDA loss of $4.4 million compared with a profit of $3.6 million to year before.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.