Mobile Streams tumbles as it warns on revenues

Shares in Mobile Streams tumbled after the company said its revenues for the current financial year were likely to be materially lower than current market consensus while core earnings will be around break-even.

The AIM-listed mobile media group said this was a result of its investment in new products such as ad-funded services and in new geographies such as India and Nigeria. It also pointed to ongoing challenges in its core market of Argentina.

Mobile Streams said it will update its guidance in due course and expects to release its full results for the year ended 30 June in early October.

At 1212 BST, shares were down 34.4% at 4.10p.