Nordnet is furious after the error – cost 18 million
An administrative error cost the online broker Nordnet SEK 18 million, the company states in its report for the third quarter.
At the same time, Nordnet reports an operating profit of SEK 886 million, which was worse than expected.
The stock initially plunged nearly 9 percent after the report, but recovered to minus 5 percent after a few minutes.
The average forecast among analysts was 923 million in operating profit, according to Bloomberg.
The one-off hit of 18 million is linked to a so-called reverse stock split in the American semiconductor company Wolfspeed.
In connection with Wolfspeed’s outstanding shares being canceled and replaced by new, significantly fewer shares, this was not administered correctly for Nordnet’s customers.
The consequence was that the customers were allocated too large a number of shares and some were also sold. Nordnet has subsequently bought back the wrongly sold shares, which meant a negative result of SEK 18 million.
(TT)
