Gofore's Q1 sales were in line and March saw slightly better than expected sales development. However, Q1 profitability came in well below our estimate as the clearly weakened customer prices together with low utilization weighed on the margin. Also, the company had delivery challenges for some projects, causing about a EUR 1m miss in revenue. All in all, weaker profitability, but that is currently being addressed with the planned staff reductions.
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