Prosus considers sale of automotive classified advertising business

AMSTERDAM :Technology investor Prosus is considering a sale of its OLX Autos classified advertising business, the company said on Thursday.

Prosus said the pursuit of growth in the car advertising business was no longer the right approach because the second-hand car market had been hit by a"significant and persistent slowdown" owing to weakening economic growth and high inflation. "Prosus will explore all options for the OLX Autos business, acknowledging that significant value exists within local markets," the company's statement said.

"The exit of OLX Autos will lead to a significant improvement in the profitability profile of the classifieds segment as a whole." OLX Autos increased revenue by 84 per cent to $1 billion in the first half of its 2022/2023 financial year, Prosus said in November, but trading losses increased to $206 million owing to investment in expansion of the direct-to-consumer business.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

China's Weibo ups stake in Inmyshow Digital with $315 million acquisitionChina's Weibo Corp said on Wednesday it was raising its stake in Shanghai-listed media marketing firm Inmyshow Digital Technology Group Co Ltd through the acquisition of ShowWorld Hong Kong Ltd for 2.16 billion yuan ($314.7 million). ShowWorld Hong Kong, a subsidiary of Chinese technology company SINA Cor
Источник: ChannelNewsAsia - 🏆 6. / 66 Прочитайте больше »