Nordnet's Q3 Report Reveals 18
Photo: Janerik Henriksson/TT

Nordnet's Q3 Report Reveals 18 Million Kronor Error Impact

An administrative error cost the online broker Nordnet 18 million kronor, the company reports in its report for the third quarter. Nordnet simultaneously reports an operating profit of 886 million kronor, which was worse than expected.

The share plummeted initially by almost 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-time blow of 18 million is linked to a so-called reverse share split in the American semiconductor company Wolfspeed.

In connection with Wolfspeed's outstanding shares being cancelled and replaced by new, significantly fewer shares, this was not administered correctly for Nordnet's customers.

The consequence was that customers were allocated too many shares and some were also sold. Nordnet has since repurchased the incorrectly sold shares, which resulted in a negative result of 18 million kronor.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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