Prosus’ logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration AMSTERDAM, March 2 (Reuters) – Technology investor Prosus (PRX.AS) is considering a sale of its OLX Autos classified advertising business, the company said on Thursday. Prosus said the pursuit of growth in the car advertising business was no longer the right approach because the second-hand car market had been hit by a "significant and persistent slowdown" owing to weakening economic growth and high inflation. "Prosus will explore all options for the OLX Autos business, acknowledging that significant value exists within local markets," the company’s statement said. Advertisement · Scroll to continue "The exit of OLX Autos will lead to a significant improvement in the profitability profile of the classifieds segment as a whole." OLX Autos increased revenue by 84% to $1 billion in the first half of its 2022/2023 financial year, Prosus said in November, but trading losses increased to $206 million owing to investment in expansion of the direct-to-consumer business. Register for free to Reuters and know the full story Reporting by Bart Meijer Editing by David Goodman Our Standards: The Thomson Reuters Trust Principles.
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
