IHS Holding Ltd. (IHS) announced on Tuesday a significant net loss of $1.56 billion, or $4.67 per share, for the first quarter, contrasting sharply with the previous year's net income of $7.78 million, or $0.03 per share. This quarter's performance was heavily impacted by $1.40 billion in unrealized foreign exchange losses.
Expectations from analysts, as surveyed by Thomson Reuters, had predicted a modest loss of $0.01 per share, excluding special items.
The company's revenue fell 30.7 percent to $417.74 million, a decline from last year's $602.53 million for the same period. However, it is noteworthy that organic revenue saw an increase of 35.5 percent. This revenue figure still surpassed analyst expectations, which were estimated at $394.58 million.
Forecasting for fiscal 2024, IHS maintains its revenue expectations between $1.70 billion and $1.73 billion, slightly below the market forecast of $1.74 billion.
