IG Group Shares Plummet on Revenue Outlook Cut
IG Group, a UK-based online trading firm, has seen its shares plummet after the company cut its revenue outlook due to muted markets. The firm's shares dropped by around 10% in morning trading following the announcement. The company cited 'challenging market conditions' for the revised forecast. IG Group had previously reported a 14% rise in revenue to £342.6 million for the six months to 31 January.
The company's revenue guidance for the full year has been lowered from £730 million to £720 million. This is a 1.4% decrease from the previous forecast. IG Group's Chief Executive, Darren Shapiro, was not available for comment. The company's shares have been under pressure in recent months due to a decline in market volatility and a decrease in trading volumes.
IG Group's shares have fallen by around 30% over the past year, despite the company's revenue growth. The firm's revenue has been driven by a rise in demand for its cryptocurrency and CFD trading products.