Devolver Digital hits record low on missing annual profit forecast

Devolver Digital

11/04/2023 09:28

** Shares of Devolver Digital Inc  DEVO.L  fall as much as
9.4% to record low of 29p
    ** The video game developer and publisher logs FY normalized
adj core profit or EBITDA of $13.9 mln, below its outlook of $20
mln to $22 mln
    ** Forecast miss due to underperformance of games released
in first half and increased administrative expenses
    ** Co, however, expects 2023 normalised adjusted core profit
to be above 2022 levels
    ** Stock on track to log worst day since Jan. 18, if trend
holds
    ** Up to last close, stock has fallen ~50% so far this year

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))