By Sabela Ojea


Shares of IHS Holding on Tuesday dropped after the company reported significantly wider-than-expected loss in the first quarter amid a big drop in revenue, mainly driven by its Nigerian business.

The stock was down 15% to $3.27 in midday trading.

The telecommunications infrastructure provider posted a net loss of $1.55 billion, or $4.67 a share, compared with a profit of $10.6 million, or 3 cents a share, for the same period a year earlier. Analysts polled by FactSet had forecast a narrower loss per share of 7 cents.

The company attributed the loss to negative movements in foreign exchange rates and an increase in net finance costs.

Revenue dropped 30% to $417.7 million, with Nigeria revenue plunging 46% to $227.7 million. The company recorded a non-core impact of negative movements in foreign exchange rates of $392.1 million, or 92.3%, in the market.


Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix


(END) Dow Jones Newswires

05-14-24 1212ET