Profit Warning Is Canceled After Firm Finds Missing Millions
- Verkkokauppa.com finds 2.4 million euros, the stock soars
- System error is blamed for the money briefly going missing
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Last month, Finnish online retailer Verkkokauppa.com Oyj warned that its earnings would fall short of its guided range. Turns out, they just needed to find the money.
“The company has now detected a system error, which has been located and corrected,” the Helsinki-based retailer said in a statement on Wednesday to explain it had recovered 2.4 million euros ($2.7 million). The shares shot up as much as 13 percent, erasing most of the losses suffered after the profit warning published Jan. 17. The initial release pointed to increased price competition and marketing activities as the source of the shortfall.