Info Edge (India) share price drops 3% as Google removes its mobile apps from Play Store
Info Edge (India) share price fell nearly 3% on Saturday’s trading session after the company informed the bourses that Google had removed/delisted several mobile applications from the Google Play Store today, including those from several other companies/entities.
The company’s mobile applications included Naukri.com Job Search App, Naukri Recruiter, Naukrigulf Job Search App, 99acres Buy/Sell/Rent Property, and Shiksha.
Info Edge share price today opened at ₹5,200 apiece on BSE, and the stock touched an intraday low of ₹5,130 and high of ₹5,230.
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As Google took this action without providing the firm with enough warning, the company stated in its filing that it was surprised to see its mobile applications removed from the Google Play Store.
The Company is working with Google to ensure that its mobile applications are restored on the Google Play Store as soon as possible, and is currently researching and assessing the best course of action.
The company would like to make it clear that customers can keep using the company’s mobile applications if they have already downloaded them to their smartphones.
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“In addition, all users that are using the Company’s mobile applications through other platforms (such as the Apple App Store) or through the concerned web platforms (on both mobile and desktop), are not impacted by this change,” it said in its exchange filing.
As per trendlyne, Info Edge share price rose 50.51% and outperformed its sector by 7.13% in the past year.
Info Edge reported a ₹151.1 crore profit for the December quarter compared to the same period last year. The business posted a loss of ₹116.5 crore during the same period previous year. The business appears to have fared well in spite of the continuous slowdown in the employment of people in the information technology (IT) industry.
Also Read: Info Edge (India) Ltd share price plunges 5% on muted Q3 results; here’s what brokerages say
In Q3, the company’s total revenue rose 6.4% to ₹627.1 crore. In a regulatory filing, the business stated that billing for the December quarter climbed by 4.8 percent year over year to ₹576.9 crore.
In an exchange filing, the company said that Info Edge’s non-recruitment business verticals—the real estate vertical 99acres.com, the matrimony business Jeevansathi.com, and the education business Shiksha.com—kept up their growth trajectory and performed well in Q3FY24, with YoY revenue growth of 21.8%, 23.0%, and 23.3%, respectively. The hiring slowdown in the IT sector notwithstanding, the recruiting industry’s revenues increased 3.1% annually.
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Published: 02 Mar 2024, 09:31 AM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.