Q2 2024 Schibsted ASA Earnings Call Transcript
Key Points
- Schibsted ASA (SBBTF) achieved a 3% year-on-year increase in group revenues for Schibsted Marketplaces, reaching NOK2,525 million.
- The Nordic Marketplaces segment delivered a 7% revenue growth, driven by a 13% increase in Classifieds revenues.
- The Mobility vertical reported a 15% growth in Classifieds revenues, primarily driven by ARPA increases.
- The Real Estate business demonstrated resilience with a 16% revenue growth, driven by higher ARPA in Norway and expansion in Sweden.
- Recommerce revenues increased by 17%, driven by the transactional business model, particularly in Norway and Finland.
- Advertising revenues declined by 14% year-on-year, impacted by volatile markets and macroeconomic factors.
- The Jobs vertical experienced a 2% overall revenue decline due to market challenges and increased competition in Sweden and Finland.
- Total costs increased by 5% compared to Q2 last year, driven by investments in new business models and technology platform transitions.
- The Growth & Investment segment saw a 13% revenue decline, affected by macroeconomic factors and reduced demand.
- Schibsted ASA (SBBTF) plans to reduce its workforce by about 250 positions as part of organizational changes to improve profitability.
Good morning, everyone, and welcome to this Q2 results presentation, the first one at Schibsted Marketplaces following the sale of our media business in the quarter. I'm excited to have with me here today our new CEO, Christian Printzell Halvorsen; and our CFO, Per Christian PC Morland, who will guide us through the highlights and developments in the quarter.
Following the presentation, we will have a Q&A session, and I encourage analysts to call in with Microsoft Teams, but alternatively can also write questions on the webcast player. And now, without further delay, please let me hand over to you, Christian. The floor is yours.
Thank you so much, Jann-Boje, and good morning, and welcome, everyone. I would like to start out by saying that it's a great honor and pleasure to stand here today for the first quarterly presentation as the new CEO. I'm extremely excited to lead a company which will be
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