Mobile Streams shares up the creek as revenue plunges

British mobile media company Mobile Streams said that as a result of worsening trading conditions in Argentina and India the company had revised forecasts for both revenue and earnings in its current trading year to come in below market expectations.

Mobile Streams said difficulties it had encountered in Argentina, previously announced in March, had carried over into its current financial year as overall market conditions and local regulation had done very little to improve the state of mobile content subscriptions in the South American nation.

The AIM-listed business said it expected the decline in revenue to continue but saw the situation as being "gradual and manageable" due to its "strong relationship" with its carrier billing partner.

While Mobile Streams still anticipated some revenue growth in India, the firm said that consolidation activity that had taken place among local mobile carriers had disrupted the "previous status quo" due to "aggressive" promotion of reduced cost data plans.

Because of these issues, the firm warned that both revenue and EBITDA would be "materially lower" for the financial year ending June 2018.

As of 1245 BST, shares had plummeted 43.37% to 1.91p.