Israeli advertising software developer Adgorithms Ltd (LON:ADGO), which had its listing on AIM in June this year, forecasts that its earnings for the full year will be markedly below market expectations.
The company has just published a trading update for the third quarter of 2015, pointing out the challenges the online advertising market has experienced during recent weeks. Adgorithms blamed “the loss of supply for major online advertising exchanges and a drop in demand from major media buyers” for the negative impact on its indirect revenue generation.
Consequently, Adgorithms forecasts its earnings for the full year to be significantly below market expectations.
The company added, however, that it was starting to experience traction with its SaaS platform. It also announced that Exit Electronics Ltd., the sole distributor in Israel for Hisense, a leading global consumer electronics company headquartered in China, has signed up Adgorithms for the use of its SaaS platform. The engagement is set to commence during the upcoming “Black Friday” weekend sale in November.
To view the official announcement from Adgorithms, click here.