Audioboom, the podcast giant, has raised its profit expectations for the second time this year, increasing its adjusted earnings projection from a recently forecast £1.9m to £2.2m.
This upgrade is attributed to an increase in revenue from the company's tech-driven ad marketplace, Showcase, which recorded a 49 per cent year-on-year revenue increase last month, as reported by .
Stuart Last, Audioboom's Chief Executive, stated: "Audioboom's strong performance has continued into the final quarter of the year, and we are set to deliver at least $2.8 million of adjusted EBITDA profit."
He added: "With confidence in advertising demand for the remainder of our strongest quarter, I am very pleased to see a second upgrade to our adjusted EBITDA profit expectations this year."
Despite this, the company's share price stands at 230p per share, marking a 17.5 per cent year-on-year decrease. The results reflect a thriving market for digital advertising, particularly within the podcast sector, which has become a hotbed for targeted ads.
Audioboom's shares also experienced a surge on record profit, with the US election boosting podcast demand and leading to its highest ever quarterly revenue last month of $7m (£5.4m). This announcement follows a year of steady growth for the group, as podcasts continue to establish themselves as a mainstream media channel.
