Atomos Shares drop after withdrawing financial guidance
- Atomos (AMS) withdraws its financial guidance after reporting its Black Friday promotional period failed to meet sales expectations
- The company has historically relied on this promotional period as a “material contributor” to its sales in the first half of the financial year
- The company believes the reduction in sales is in line with global economic uncertainty and that other channel partners are experiencing similar reductions in the consumer and electronics sectors
- The company is now taking initiatives to manage costs, aiming to cut its fixed annual cost base by 30 per cent by the end of the financial year to reduce its break-even point to $60 million
- AMS shares dropped 20.45 per cent to trade at 7 cents at 3:56 pm AEDT
