OSLO, Nov 25 (Reuters) - Norway's Adevinta, the
world's largest classified ads company, posted on Thursday a
smaller-than-expected rise in its third-quarter revenue,
hampered by weakness in the autos segment, which it said will
continue into next year.
Adevinta's July-September revenue rose 6% year-on-year to
386 million euros ($432.74 million), lagging analysts' average
forecast of 406 million euros, according to Refinitiv data.
A shortage of semiconductors has constrained global car
production this year, hampering sales and, in turn, advertising.
Adevinta's German unit Mobile.de saw a 3% revenue decline in the
third quarter, compared to last year.
Adevinta's earnings before interest, tax, depreciation and
amortization (EBITDA) declined 7% year-on-year to 127 million
euros in the third quarter, lagging the 136 million euros
expected by analysts, according to Refinitiv.
The company on Thursday set a goal of growing by 15% in the
mid-to-long term following its recent $13 billion takeover https://www.reuters.com/business/adevinta-ebay-clear-final-hurdle-13-bln-advertising-tie-up-2021-06-18
of eBay's classified ads unit, but this would not be
met next year.
"In 2022, assuming a gradual recovery in the motors market
in the second half, we expect core markets revenue growth to be
low double-digit," Adevinta said in its earnings report.
The company also announced it plans to divest its operations
in Australia and South Africa next year.
($1 = 0.8920 euros)
(Reporting by Terje Solsvik; editing by Uttaresh.V)