Ninemonth revenue down 8, missing forecasts
Q4 ad revenues also seen lower
Shares down 9
LONDON, Nov 7 Reuters Britain39;s ITV reported a biggerthanexpected revenue fall on Thursday, sending its shares 9 lower, as the broadcaster39;s studios business continued to feel the effects of last year39;s strike by U.S. writers.
Revenue at the Coronation Street broadcaster fell by 8 to 2.74 billion pounds 3.54 billion in the nine months to the end of September, worse than forecasts by analysts of a 4 drop.
Shares in ITV dropped to their lowest level since March, as Citi analysts called the update disappointing.
ITV said its advertisers had held back bookings ahead of the British government39;s recent budget, exacerbating an already tough comparison in the current quarter against last year when it had benefited from the Rugby World Cup.
After a 6 rise in the first nine months, total ad revenue was expected be down around 67 in the final quarter. Analysts had expected a 1 drop in the quarter.
Consensus forecasts will come down by 35 in 2024 and the lower base will also drive a similar level of consensus downgrade in 2025 and beyond, Citi said in a note.
But ITV said Studios, which made dramas Rivals for Disney and Ludwig for the BBC, was on track to make record annual earnings, helped by final quarter efficiencies and deliveries.
ITV CEO Carolyn McCall said she would cut costs by another 20 million pounds 25.9 million this year, through reductions in content and…