Audioboom podcasts take a hit from poison Apple update

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A software update by Apple turned down the volume at Audioboom last year, with the podcast platform yesterday spelling out the effects of the change on its download numbers.

In a trading update, the London-listed company said it had made revenue of $19.2 million in the last three months of 2023, up 37 per cent on the previous quarter and 5 per cent year-on-year. However, it is expected to make only $65 million in revenue for the entire year, compared with $74.9 million the year before. It also revealed an underlying earnings loss of $1.5 million in 2023, down from a $3.6 million underlying earnings profit in the previous year.

The announcement wiped 10 per cent, or 32½p, of Audioboom’s shares, which closed on 292½p