Shares in oOh!media have plummeted more than 40 per cent to a near four-year low after the outdoor advertiser blamed poor media advertising spend for a cut to its full-year earnings guidance.
The company, which also owns online masthead Junkee, on Friday said it expects underlying earnings for the 12 months to December 31 of between $125 million and $135 million.
It had previously flagged a range of between $152 million and $162 million.
Shares in oOh!media fell from $4.04 to as low as $2.33 on Friday, a drop of about 42 per cent and their lowest price since October 2015.
The company's stock recovered to $3.02 by 1150 AEST, still 25.3 per cent down on Thursday's close.
The company said the past six months had been beset by challenging market conditions.
"Advertising bookings for the third quarter of 2019 experienced a sharp decline compared to the bookings on-hand at the same time last year," it said in a statement.
"While oOh!'s bookings for the fourth quarter are indicating improvement on the third quarter, and on the fourth quarter of the prior year, trading in recent weeks indicates that this improvement will be less than anticipated."
Subject to an auditor's review, oOh!Media said it expects to report revenue of $304.8 million for the first half ended June 30, an increase of 5.0 per cent on a pro forma basis on the prior corresponding period.
Underlying earnings of $56.0 million are expected, down 2.0 per cent on a pro forma basis.