XLMedia share price falls over 30% on Google search demotion
XLMedia said traffic to its online casino websites have been hurt after they were demoted on Google searches.
The Company said it became aware that a number of its casino sites have been manually demoted by Google, which impacts the visibility of the sites and their ability to generate meaningful levels of online traffic, and hence revenues, from new visitors.
Whilst it is too early to accurately assess the financial impact of this action by Google, any further material delay to the full restoration of rankings of these online assets would result in a corresponding reduction of both revenue and adjusted EBITDA during that period.
The Company confirms that the Group’s other online publishing assets remain unaffected.
A process of review is now taking place, with a view to resolving any issue as soon as possible and the Company will provide a further update in due course as more information becomes available.