Alarum Tech Shares Fall After Forecasting 3Q Hurt by 'Market Dynamics'

Dow Jones08-27

By Connor Hart

Shares of Alarum Technologies tumbled after the company forecast third-quarter earnings would be hurt by unfavorable market dynamics.

The stock slid 32% to $14.66 in early-afternoon trading Monday. Shares, which are up 89% since the beginning of the year, have fallen 57% in the last three months.

The Israel company, which provides internet access and web data collection solutions, said in the third quarter it expects revenue of $7 million, plus or minus 3%, and adjusted earnings before interest, taxes, depreciation and amortization between $800,000 and $1 million.

Chief Executive Shachar Daniel said third-quarter earnings would be negatively affected by "market dynamics that some of our customers have been experiencing since June."

In the second quarter, Alarum narrowed its loss to $351,000, or 1 cent a share, from a loss of $7.7 million, or 23 cents a share, a year earlier.

Revenue rose 27% to $8.88 million, boosted by growth of the company's enterprise internet access business.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 26, 2024 14:50 ET (18:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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