Voi takes the hit; valuation sinks 63%

Value cut is bad news for investors though Voi sees light at the end of the tunnel, with profitability expected before year end.
Voi takes the hit; valuation sinks 63%

Swedish micromobility and scooter rental provider Voi has suffered a reduction in the value of its share capital, according to the latest information from one of its investors. (Nordic media originally provided a second figure for the valuation, but this couldn't be corroborated.)

Listed company VNV Global said its Voi stake is currently valued at $84 million (around 870 million kronor), down 63% from $226 million at the start of the year. 

"Voi continues to perform well, but the comparison group we use in our valuation model has collapsed this quarter, resulting in a large write-down of the company," said VNV's CEO Per Briloth, in a note to investors.

The cut in valuation comes despite Voi's best fourth quarter result in terms of revenue growth, VNV said. This revenue growth was a silver lining in a gloomy quarterly update that saw VNV sink to a $782 million net loss, weighed down by a string of costly down valuations that included digital health care provider Babylon and on-demand taxi app Gett as well as Voi.

At the tail end of last year Voi confirmed redundancies affecting up to 13% of its workforce, but is seemingly emerging a healthier, leaner company with profitability currently predicted before year end.

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