Audioboom raises profit outlook again as podcast demand increases

Audioboom upgraded its profit expectations for the second time this year, lifting its adjusted earnings projection to £2.2m from recently forecast £1.9m.

The podcast giant said this reflects an uptick in revenue from the podcast platform’s tech-driven ad marketplace, Showcase, which recently recorded a 49 per cent year-on-year revenue increase last month.

Chief executive Stuart Last said: “Audioboom‘s strong performance has continued into the final quarter of the year, and we are set to deliver at least $2.8 million of adjusted EBITDA profit.”

With confidence in advertising demand for the remainder of our strongest quarter, I am very pleased to see a second upgrade to our adjusted EBITDA profit expectations this year”, he continued.

Its share price stands at 230p per share, falling 17.5 per cent year on year.

The ad firm’s results reflect an active market for digital advertising, particularly in the podcast sector, which has become a burgeoning space for targeted ads.

Its shares also soared on record profit with the US election boosting podcast demand, hitting its highest ever quarterly revenue last month of $7m (5.4m).

The announcement follows a year of steady growth for the group, as podcasts continue to cement themselves as a mainstream media channel.