11 bit studios slumps to seven-year low as it warns of possible write-down

11 Bit Studios SA

11/12/2024 13:12

** Warsaw-listed video game maker 11 bit studios'  11B.WA  shares fall as
much as 20% to their lowest in almost seven years
    ** 11B said earlier on Wednesday that it commenced "in-depth" analysis of
one of its game projects, which could result in a write-down estimated at 48.4
million zlotys ($11.93 million)
    ** " ... the investors should be ready for worst scenario, meaning closing
of the project, which will be connected also to reduction of employment... and
write-down recognised in fourth quarter," BDM brokerage analyst Krzysztof Tkocz
says
    ** The possible write-down is not the company's first hiccup this year, as
its shares plunged 38% in one trading day in late September after flagship title
"Frostpunk 2" failed to meet market expectations
    ** Until Wednesday, the stock lost almost 60% YTD
    ** At 1250 GMT, the shares were down 17.2%, at the bottom of Poland's MWIG40
 .MWIG40  medium company index


($1 = 4.0587 zlotys)

 (Reporting by Mateusz Rabiega and Adrianna Ebert)
 ((Mateusz.rabiega@thomsonreuters;))