PARIS, Feb 16 (Reuters) - Vivendi shares fell on Friday as the French media conglomerate’s results underwhelmed investors and analysts, with some citing concerns over the lack of full guidance for 2018 and weak results at its Havas arm.
Vivendi shares were down 3.4 percent in early session trading, the worst performer on France’s benchmark CAC-40 index .
Vivendi reported late on Thursday a rise in group profits, as growth at its UMG music division helped offset a downturn in its recently-acquired advertising unit Havas.
“Management voiced ‘cautious optimism’ on UMG’s 2018 outlook. However, they were unwilling to be drawn on guidance for UMG or the prospects for margin expansion, citing low predictability,” Jefferies analysts wrote in a note, keeping a “hold” rating on Vivendi shares. (Reporting by Sudip Kar-Gupta Editing by Bate Felix)