Phorm shares plunge again on loss of TalkTalk agreement
LONDON - TalkTalk, the UK's largest consumer broadband provider, has broken off its agreement with Phorm further depressing the share price of the behavioural targeting company.
Phorm revealed the news in a statement to the stockmarket this morning, after which its share price fell as much as 21% to 192p before recovering to 205p.
The loss of TalkTalk follows BT's decision on Monday to drop Phorm from its immediate business plans, which sent the company's share price down from 475p on Friday to 233p at yesterday's close.
Unlike BT, Phorm's agreement with TalkTalk had not extended to any form of trial.
Phorm pointed out that it retains a commercial agreement with BT while BT has stated that privacy was not a factor in its decision making.
The company's privacy record has been criticised by campaigners, who claim its targeting technology is too intrusive and were outraged that BT and Phorm did not notify consumers when they undertook trials.
Phorm said it is continuing to make "excellent progress" in focusing on overseas opportunities and its live trials with Korea Telecom, South Korea's leading ISP, "remain on course".
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