In major news on UK stocks, YouGov PLC (GB:YOU) shares plummeted by nearly 40%, as of writing, after the company downgraded its profit guidance for the Fiscal 2024. As per its latest trading update, the company witnessed a slowdown in demand for its Data Products segment and its fast-turnaround research services after reporting its first-half results in March. Consequently, YouGov expects its adjusted operating profit for FY24 in the range of £41 million to £44 million, compared to £48.3 million reported in 2023.
YouGov is a research and data analytics company with global operations. The company provides services such as surveys, audience intelligence, and campaigns.
YouGov Trading Update
Despite YouGov’s efforts and investments to accelerate growth in the second half, the results still failed to meet expectations. For the full year, YouGov expects its revenues to be between £324 million and £327 million. In comparison, the company reported revenue of £258.3 million in the previous fiscal year.
On the plus side, the company’s CPS (Consumer Panel Services) business has performed in line with expectations since its acquisition in January 2024.
Additionally, the company stated that moving forward in FY25, the company’s primary objective is to streamline its cost structure while maintaining its investments in key areas. The company aims to enhance its Data Products, build its AI capabilities, and fortify its sales team to capitalize on its dataset.
Is YouGov Stock a Good Buy?
According to TipRanks, YOU stock has received a Moderate Buy consensus rating based on two Buy and two Hold recommendations. The YouGov share price target is 1,175p, indicating an upside of more than 43% from the current trading levels.
