Devolver Digital hits record low on slower sales, rising costs

Devolver Digital

13/06/2022 08:28

** Shares of video games publisher  DEVO.L  down as much as
22.3% to hit all-time low of 105p
    ** Stock set to record its worst day ever if losses hold
    ** Co says sales from new games in the first 5 months have
been slower than expected  urn:newsml:reuters.com:*:nASM000F7O
    ** Also flags rise in operating costs on the back of
inflationary pressures  
    ** Sees 2022 revenues of between $130 mln-140 mln; FY core
profit between $27 mln-$32 mln 
    ** Expects revenues and profits to increase in H2 as highly
awaited new game title release and demand from subscription
platforms increase
    ** Including sessions losses, stock down 33% YTD


 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))