Sanoma lowers outlook

Finnish media group Sanoma Oyj (OMX: SAA1V) cuts its full year net sales and operating profit forecasts. Net sales were supposed to increase somewhat but Sanoma now says they will stay at the same level. Net profit was previously guided to increase somewhat, now the guidance calls for a slight decrease. Sanoma says late closing of SBS acquisition and weakened magazine business outlook in Finland are to blame. The stock is down 10% shortly after opening.