Kempower’s stock has been in a sharp decline since the company issued a profit warning on Thursday.
Electric vehicles The plunge of Kempower, which manufactures fast charging devices, on the Helsinki Stock Exchange continues on Monday.
The company’s share was around 13.8 percent below freezing at 4 p.m.
Kempower gave a drastic profit warning early Thursday, after which the company’s stock has been in a sharp decline.
The company said it is lowering its 2024 revenue expectation to 220–260 million euros, assuming that exchange rates do not have a significant impact. The previous guideline was 360–410 million euros in turnover.
Kempower expects the operative operating profit margin for the year to be negative. However, it expects profitability to improve to a zero level in the last quarter of the year. Previously, the company expected a positive margin of 5–10 percent.
On Friday, the company’s shares traded up to almost 40 percent below zero.
Also On Monday, trading group Lindex Group and rental apartment company Kojamo, which issued profit warnings, were down on the Helsinki stock exchange.
Lindex shares were down more than six percent on Monday around 4 p.m. Kojamo’s share, on the other hand, had dropped more than eight percent to freezing.
On Monday, Lindex lowered its guidance for turnover. The group expects the change in turnover for 2024 to be between -2 percent and 2 percent in local currencies compared to 2023. Previously, it expected turnover to grow by 1–3 percent.
Kojamo, on the other hand, estimates that the group’s turnover will grow by 2–4 percent from the previous year, while the previous forecast was 4–7 percent.