BUZZ-Adecco shares fall to nearly 30-year low after Q3 miss, weak Q4 expectations

Reuters11-05

(Adds Q4 results guidance and analyst comment in paragraph two, share price milestone in paragraph 5)

** Adecco's shares slumps 7%, reaching lowest in nearly 30 years, after its Q3 results missed consensus and Q4 is expected to remain weak

** The company said it expects Q4 revenue to be similar to Q3, which, based on market expectations for the full year of 23.4 billion euros ($25.49 billion), means an overall cut of 5% for 2024 revenues, J.P Morgan says

** The Swiss staffing company's Q3 organic revenues came in at 5.7 billion euros, down 4% y/y and below market expectations of 5.81 billion euros according to a company-provided consensus

** Q3 earnings before interest, tax and amortisation (EBITA) came in at 186 million euros, down 20% in constant currency y/y and below market expectations of 192 million euros

** Share price fell to 25.14 Swiss francs ($29.13) at 0840 GMT, trading at their lowest price since April 1996

($1 = 0.9181 euros) ($1 = 0.8631 Swiss francs)

(Reporting by Isabel Demetz)

((Isabel.demetz@thomsonreuters.com))

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