Mobile Streams' shares dive on FY warning

Shares in tech stock Mobile Streams nosedived about 30% after the company warned its full-year revenues would be lower, with EBITDA and operating losses materially higher.

It blamed investment in new products like ad-funded services, scaling new geographies such as India, and ongoing challenges in its core market of Argentina.

"The company now expects its revenues will be lower, and its EBITDA loss and operating loss for the current financial year to be materially higher than its previous expectations," it said.

Back in March, Mobile Streams booked a half-year pretax loss of £0.14 million, from a year-earlier profit of £0.21 million. Revenue had sagged to £8.03m, from £18.49m.

At that time, chief executive Simon Buckingham said the company had been focused on stabilising its Latin American operations in Argentina, Mexico, Colombia and Brazil.

"Whilst still at an early stage, operations in India are proceeding along the expected lines, and the company remains excited about the potential for this market as well as its ad funded services."