Increased turnover but TeleCity shares plummet

UK web hosting specialist TeleCity saw its shares drop this morning to a third below their June IPO value, after it published poor third quarter results.

UK web hosting specialist TeleCity saw its shares drop this morning to a third below their June IPO value, after it published poor third quarter results.

The company increased its turnover by 47 per cent compared to the previous quarter, but missed turnover expectations by nearly £1m. TeleCity's share price halved at the news.