Embracer Group AB (THQQF) Thursday said its loss narrowed in the second quarter, helped by good performance in the Entertainment & Services segment. Net sales, however, fell 19 percent from a year ago and the company also reiterated its annual outlook.
The Swedish developer of computer games reported net loss of 23 million Swedish Kroner or 0.10 Kroner per share in the second quarter, compared to net loss of 392 million Kroner or 2.18 Kroner per share in the same period last year.
On an adjusted basis, the company said that loss was 0.67 Kroner per share in the second quarter, in comparison to loss of 0.26 Kroner per share in the previous-year period.
During the three-month period, the company's pre-tax profit came in at 38 million Kroner, compared to loss before tax of 523 million Kroner in the year-ago quarter. According to Embracer Group, quarterly net sales declined 19 percent to 3.85 billion Kroner from 4.73 billion Kroner in the prior-year period.
The company said that during the given period adjusted EBIT dropped 79 percent to 109 million Kroner from 513 million Kroner recorded last year.
Looking ahead, Embracer Group reaffirmed its fiscal 2025 outlook of adjusted EBIT of around 1.0 billion Kroner. The company also expects a better performance in the third quarter compared to the second one.
On the OTC Markets, THQQF ended Wednesday's trading at $11.22.
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