Cherry experienced a remarkable second quarter, notwithstanding a change in leadership.
The Swedish gaming enterprise announced a 41% surge in revenue, reaching SEK 753 million ($82 million) for the three months concluding June 30th. This notable accomplishment stemmed from a 39% rise in organic revenue, illustrating the robustness of Cherry’s core operations. Profitability also received a substantial lift, with EBITDA escalating 78% to SEK 165 million ($18 million). The organization declared a profit of SEK 91 million ($10 million) for the quarter, bringing the cumulative total for the initial half of the year to SEK 180 million ($20 million).
“Throughout the second quarter of 2018, our emphasis remained on both immediate and long-term expansion,” stated Gunnar Lind, interim Chief Executive Officer of Cherry. “We allocated significant resources towards marketing, and the results have been fruitful.”
Cherry’s internet gaming segment, encompassing brands such as Yggdrasil and Highlight Games, sustained its growth trajectory, solidifying its presence in crucial markets and swiftly establishing brand recognition and a dedicated clientele.
The corporation made considerable investments during the quarter, primarily directed towards promoting its existing and emerging brands, in addition to crafting novel games.
Several noteworthy events transpired for Cherry this quarter. The company obtained a fresh sports wagering permit in Poland, a rapidly expanding sector within the gaming industry. Furthermore, its subsidiary, Game Lounge, procured two high-value domain names within North America: BetNJ.com, targeting the burgeoning sports betting and casino sector in New Jersey, and OnlineCasino.mx, concentrating on the Mexican market.
In separate developments, the company’s board of directors opted to sever ties with Anders Holmgren, Cherry’s President and Chief Executive Officer.
Gunnar stated that the organization has initiated the process of identifying a successor for the chief executive position, considering individuals from within the company as well as those outside. He expressed complete faith in the board’s comprehensive approach to the search. He emphasized his commitment to guiding the company’s progress, adhering to the existing strategic direction and relying on the unwavering dedication of their exceptional workforce.”
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