Facebook’s launch of its Marketplace e-commerce service in 17 European countries this week hit the shares of classified adds group Schibsted on Tuesday, but the Norwegian company said it was unlikely to affect its sales outlook.
Shares in Schibsted (sbsny, -1.69%), which has online market sites in 22 countries, fell as much as 10% in early trading after Facebook (fb, +0.07%) said it would expand its service for connecting local buyers and sellers.
“This is an expected development, it will not change our strategy,” Chief Financial Officer Trond Berger told Reuters.
Schibsted holds market-leading positions in local classified advertising websites across Europe including Norway’s Finn and France’s Leboncoin, and also has fast-growing operations in Asia, Africa and the Americas.
“Facebook’s Marketplace has shown little effect on (competitors’) growth in the markets it has launched in the past,” Berger said.
Schibsted’s biggest classified…