The firm, whose titles include action-adventure franchise Tomb Raider, also announced that deputy CEO and Chief Financial Officer Johan Ekström would be stepping down from the roles as of Sept. 1.Embracer's stock price, which has shed roughly 80% of its value since reaching a high point in 2021 during a pandemic-fueled uptick in video game demand, had fallen by 6.5% in mid-afternoon European trading.
In the quarter through March, revenue slipped by 5% to 8.9 billion Swedish crowns, missing analysts estimates. Adjusted operating profit increased by 56% to 1.4 billion Swedish crowns, roughly meeting projections. "The results today are soft across the board and marked by a CFO and deputy CEO change. The underperformance today was broadly driven by all business segments," analysts at Jefferies said in a note to clients.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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