Worldline collapses amid CEO exit, dim outlook By Investing.com

Investing.com — Shares of Worldline ( EPA: ) fell on Friday after it announced that its CEO Gilles Grapinet has resigned and that it also cut its 2024 revenue and core earnings forecasts, citing specific performance issues in certain segments of its business.

At 3:56 am (0756 GMT), Worldline was down 15 percent at €7.16.

Deputy general manager Marc-Henri Desportes will step in as interim CEO, the company announced in a statement, effective September 30.

“The leadership change adds some uncertainty, but some may see this as a step in the right direction,” analysts at Citi Research said in a note.

The French payments group also announced plans for cost-cutting measures, marking the third time it has issued a profit warning.

The company now forecasts organic revenue growth of about 1% for 2024, down from its previous projection of 2% to 3%.

“However, questions still remain about visibility, which again reduced guidance will bring into the spotlight, along with medium-term targets,” Citi said.

Adjusted EBITDA is expected to be around 1.1 billion euros, revised down from the previous range of 1.13 to 1.17 billion euros.

In addition, free cash flow for the full year is projected to be around €200 million, down from the previous estimate of €230 million.