Ladbible owner LBG Media PLC (AIM:LBG, FRA:S83) shares fell 22.9% to 27p after the social media publisher cut its full-year forecasts, warning that weakness in advertising revenue linked to Facebook and search engine changes has persisted for longer than expected. The online and social media publisher reported a 19% rise in revenue to £52.4 million in the six months to 31 March, driven by a 95% jump in higher-margin direct advertising sales to £37.6 million.
LBG Media tumbles on profit warning due to changes to Facebook algorithm
Source: Proactive Investors