Game maker Huuuge jumps on Q3 core profit beat, M&A hopes
22/11/2024 08:39
** Shares in Polish mobile game-maker Huuuge HUGP.WA jump as
much as 6.9% after its Q3 results beat market expectations and
it promised to be active on M&A market, analysts say
** In Q3, Huuuge's adjusted core profit fell 17.5% y/y, less
than expected, to nearly $21 million, while its capital standing
at $125 million provides it with wide range of options in terms
of acquisitions, it said on Thursday
** "The company reported results 11% above consensus on
adjusted EBITDA level and improved this metric by 7%
quarter-on-quarter, despite erosion in revenues," Trigon analyst
Grzegorz Balcerski says in a note
** Balcerski adds that Huuuge's initiatives focused on cost
efficiency and M&A should be read as searching for growth
outside of its existing products that have already reached their
sales peak
** At 0838 GMT, the stock was up 4.7%, outperforming
Warsaw's mid-cap index MWIG40 .MWIG40
(Reporting by Mateusz Rabiega)
((Mateusz.rabiega@thomsonreuters.com))