Evolution slumps on 'weak' Q2 earnings

Evolution AB (publ)

19/07/2024 09:01

** Evolution  EVOG.ST  slumps 8% after the Swedish online
gaming company missed Q2 top-line and earnings expectations
    ** Its EBITDA of EUR 346 million is 4% below consensus cited
by Pareto analyst Georg Attling, while its 68% EBITDA margin
missed the consensus by 1.3 percentage point 
    ** The analyst says beats in other regions could not offset
particularly weak growth in Asia and a slight miss on
expectations in North America
    ** Evolution also announced an acquisition, share buyback
and a new capital allocation framework 
    ** "While we consider these initiatives sound, they will not
be enough to offset the weak earnings," said Attling
    ** Its peer Betsson  BETSb.ST , whose Q2 report is slightly
ahead of expectations according to Attling, falls 5.7%

 (Reporting by Agata Rybska)
 ((gdansk.newsroom@thomsonreuters.com;))