Embracer falls after Q4 revenue misses forecast, CFO to step down

Embracer AB

23/05/2024 08:11

** Shares in Embracer  EMBRACb.ST  drop 6.5% after the
Swedish games developer posted Q4 revenue below expectations and
said its CFO would step down
    ** CFO Johan Ekström will be replaced by deputy CFO Müge
Bouillon on Sept. 1, says the group
    ** Jefferies notes the soft results are marked by the
leadership change
    ** The broker adds the Q4 sales miss was driven by all
business segments
    ** Q4 revenue of SEK 8.88 billion ($828.2 million) is 5.4%
below a company-compiled consensus
    ** The stock is on track for its worst day in two months
    ** About 2.7 million shares of Embracer have traded so far
on Thursday, about 39.6% of their 30-day moving average full-day
volume

($1 = 10.7226 Swedish crowns)

 (Reporting by Jagoda Darlak)
 ((Jagoda.Darlak@thomsonreuters.com; +48 58 769 65 40;))