⁍ Norway’s Adevinta saw a rebound in third-quarter revenue as its markets gradually recovered from the coronavirus pandemic.
⁍ The Oslo-listed company’s July-September revenue rose 1.6% year-on-year.
⁍ Adevinta in July agreed to buy eBay’s classified ads unit in a $9.2 billion cash.
– Norway’s Adevinta, which is buying eBay’s classified-ads unit in a $9.2 billion deal, saw its third-quarter revenue rise 1.6% year-on-year, Reuters reports. But the company’s long-term goal is to grow revenue by 15% to 20% a year, and it’s not quite there yet: It saw a 16% drop in revenue in the second quarter of this year and a 1.6% rise in the third, according to a preliminary statement. Adevinta says its markets are slowly recovering from the H1N1 virus, and that cost-cutting efforts have led to an “exceptionally high” profit margin in the third quarter. “As a consequence of the current crisis, we see an acceleration of the trends that support the development of the digital economy,” the company said in a statement.
Source: https://www.reuters.com/article/adevinta-results/update-1-norways-adevinta-returns-to-growth-in-q3-as-markets-recover-idUSL8N2HI0XE