Prosus Considers Selling Automotive Featured Advertising Business

AMSTERDAM (Reuters) – Tech investor Prosus is considering selling its advertising business to OLX Autos, the company said on Thursday.

Prosus said pushing for growth in the automotive advertising business is no longer the right approach as the used car market has suffered a “significant and permanent slowdown” due to weaker economic growth and high inflation.

“Prosus will explore all options for the OLX Autos business, recognizing that there is significant value in local markets,” the company said in a statement.

“The exit of OLX Autos will lead to a significant improvement in the profitability profile of the ad segment as a whole.”

OLX Autos increased revenue 84% to $1 billion in the first half of the 2022/2023 fiscal year, Prosus reported in November, but trading losses widened to $206 million due to investment in expanding its consumer-facing business.

(Reporting by Bart Meyer, edited by David Goodman)

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button