Digital media company joins Clearco, Lightspeed, Thinkific, Benevity in slashing jobs as sector rout continues
also released preliminary results Wednesday showing its business rapidly deteriorated in the fourth quarter. Verticalscope said it expected revenue for the quarter ended Dec. 31 to slump by 10.9 per cent, to $19.1-million, compared to the same period a year earlier, dragged down by a 23.5 per cent drop in e-commerce revenue and a 5.5 per cent fall in digital advertising revenue. It forecast its adjusted operating earnings would come in at $7.2-million in the quarter, down 22.
The company’s revenue forecast was even lower than the $19.8-million that RBC Capital Markets analyst Drew McReynolds forecast the company would generate after management in November warned its key advertising market had entered a recession. The company was one of 20 tech companies to go public on the TSX from July 2020 through the end of 2021 as investor interest spiked for digital companies that benefited from widespread sheltering at home. That compared to a pace of roughly one tech IPO on Canada’s senior exchange per year dating to the late 2000s.
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