United Internet Still Believes in Rocket Despite Writedown
- Impairment charge drove United’s quartely results into a loss
- Shares advance after first-quarter sales exceed estimates
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United Internet AG, the third-biggest shareholder in Rocket Internet SE, said it still believes in the German startup factory even after a writedown of its investment pulled quarterly results into a loss.
The non-cash impairment charge had a 156.7 million-euro ($176.8 million) impact on first-quarter earnings before taxes, United Internet said Tuesday in a statement. That lowered earnings per share by 77 euro cents, to an overall loss of 27 euro cents a share.