UK's Devolver Digital falls after cutting FY profit outlook

Devolver Digital

09/01/2023 12:34

** Shares of digital publisher and video game developer
Devolver Digital  DEVO.L  down as much as 13.4% at 55p
    ** Stock hits 1-1/2-year low
    ** Co cuts FY profit outlook after seeing subdued
performance in the second half of FY22
    ** Performance weighed down by three underperforming video
game titles and weaker-than-expected sales volumes in December
    ** Co says it expects FY normalised adjusted core profit to
be in the range of $20 mln to $22 mln, compared to previous
guidance range of $27 mln to $32 mln 
    ** DEVO, however, reaffirms revenue guidance, and expects
revenue growth from cont. ops of greater than 30%
    ** Stock fell 68% in 2022
 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))