Cherry SE Misses Revenue Forecast for Q3 2024 due to Weak German Market

Munich, 2 October 2024 - Cherry SE announced that it will not achieve its revenue target for the third quarter of 2024, citing recessionary trends in its home market of Germany. The company expects a revenue of around EUR 22 million, well below the forecasted EUR 35 million. Cherry SE attributes this shortfall to economic downturns and negative consumer sentiment in Germany.

The company has initiated additional cost reductions amounting to EUR 3.5 million to mitigate the impact. The Office Peripherals segment has been particularly affected, unlike the Digital Healthcare & Solutions division, which shows strong year-over-year growth. Cherry SE will comment on the annual forecast and consolidated results for the third quarter as soon as possible.

CEO Oliver Kaltner highlighted the importance of regulatory relief and economic support for German SMEs. Meanwhile, Volker Christ, EVP Global Finance & IT, announced an immediate cost-cutting program aimed at generating substantial cash and earnings effects.

The preliminary Group key figures for the third quarter will be released on 24 October 2024, with the full Q3 report available on 6 November.