Ten share price slides after warning of ‘short’ ad market

Network Ten’s share price dived by nearly 20% today following the company’s financial results presentation in which Ten CEO Paul Anderson warned of an “extremely short” advertising market.

This morning the company reported an underlying profit of $4.5m, the company’s first profit in three years.

However, the market reacted quickly to Ten’s results – and flat outlook – with its share price (ASX: TEN) dropping from $1.42 at open to $1.18 by 11.25am.