Shares of Audioboom (LON: BOOM) are rallying after the company said revenue is expected to be significantly ahead of current market expectations.
The global podcast company revealed that signed advertising bookings after less than six months of this year now represent more than 99% of the recent upwardly revised market expectations for the year ending 31 December.
Along with revenues significantly above current expectations, the company also expects an increased adjusted EBITDA.
The surge in performance has been put down to recent developments with its content-focused expansion plan which includes, its ad tech capabilities enabling the re-monetisation of the network’s back catalogue of high demand for premium advertising, and the success of Audioboom Originals Network (AON).
The AIM-listed firm has continued its audience growth through new content partnerships and AON launches.
Audioboom remained the fourth largest podcast publisher in the US by weekly reach while growing its weekly reach by 69% compared to 2020.
Audioboom’s share price is currently trading at 944p, up7%, building on its momentum this year where it has gained 236%.
The company also noted that as of 27 May, it has been included in the MSCI Micro-Cap Index.
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