HAMBURG (dpa-AFX) - Xing's parent company New Work continues to struggle with the meagre demand for its products in a difficult market environment. Third-quarter sales fell by around 3.8 percent year-on-year to just under 76 million euros, as the SDax company announced in Hamburg on Thursday. However, pro-forma earnings before interest, taxes, depreciation and amortization (EBITDA) rose slightly year-on-year to 28.1 million euros. The Group thus exceeded market expectations, while turnover was disappointing.

For Group CEO Petra von Strombeck, the cost-cutting measures and the hiring freeze were the right move: "The measures are working and we can therefore confirm the pro forma EBITDA guidance for the 2023 financial year of EUR 92 to 100 million," she wrote in a letter to shareholders. On balance, New Work earned 13.5 million euros after 14.3 million euros in the previous year./ngu/stk