Technology group Alviva Holdings reported a slump in earnings for the six months ended 31 December 2019 due to woes in its ICT distribution segment, a change in accounting rules and foreign exchange losses.
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While big technology shares in the US have continued to hit new highs in 2020 – among them, Microsoft, Apple, Amazon, Google and Nvidia – JSE-listed IT companies have had a torrid start to the new decade.
It’s been a grim start to 2020 for some South African-listed technology companies, which have seen their shares battered on weak earnings updates and negative investor sentiment.
Shares in technology distribution group Alviva Holdings tumbled more than 25% in intraday trading in Johannesburg on Friday after it shocked investors with a profit warning.
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Shares in Alviva Holdings rose almost 5% on Monday after the technology group reported full-year revenue up 17% to R15.9-billion. Headline earnings per share climbed 9% to R2.97.