Foodie Media shares rebound as results exceed expectations
The stock climbed as much as 5% to 31 sen, putting it on course for a third consecutive day of recovery.
Foodie Media Bhd shares continued recovering from record lows on Oct 23 after the social media content company reported better-than-expected results. At 9.30am, the counter stood at 30 sen, with trading volume exceeding one million shares.
Earlier, the stock gained up to 1.5 sen or 5%, reaching 31 sen. It was heading towards a third consecutive session of recovery.
In its assessment following the results, Maybank Investment Bank said digital advertising spending appeared resilient. The bank said brands will need to step up marketing to compete for consumers’ spending amid subdued sentiment.
Maybank Investment Bank, which is among just two research houses tracking Foodie Media, said the latest results indicated that advertising expenditure was continuing to move away from traditional channels towards digital platforms.
