InnerWorkings Acquires DB Studios, Lowers Full-year Revenue Forecast
Largest customer's asset sale results in significant reduction in scope of work; company also announces acquisition of DB Studios.
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InnerWorkings also announced that full year 2013 revenue guidance has been adjusted to $900 to $930 million, down from the $930 to $960 million previously estimated by the company. The expected drop in earnings is due to a change in control at a large retail client, resulting in the decision to redirect a significant portion of work to a provider with an existing business relationship with the client's new management team. The loss of revenue will be partially offset by the DB Studios acquisition, and still represents a 13 to 17 percent increase over the prior year.
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