Cherry AB Reports Strong Q2 Earnings Amidst Leadership Transition
Cherry AB recently published its earnings for the second quarter, and notwithstanding a current leadership transition, the figures appear very positive! Income surged by 41% to SEK 753 million (approximately US $82 million). A significant portion of that expansion, 39%, was internal, and it truly bolstered the net income. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) leaped an impressive 78% to SEK 165 million (US $18 million). They even achieved a robust profit this quarter, earning SEK 91 million (US $10 million), bringing their total for the initial six months to SEK 180 million (US $20 million).
Gunnar Lind, Cherry’s interim CEO, expressed enthusiasm about the outcomes. He stated they have been intensely concentrated on expansion, both for the near term and long run, and their marketing expenditures are yielding substantial returns. Their internet gaming division is thriving, broadening its presence in crucial markets while emerging brands are rapidly gaining momentum and cultivating a devoted clientele.
A considerable portion of their investment this quarter was allocated to marketing for both new and established brands, in addition to enhancing their game portfolio from Yggdrasil and Highlight Games. They also shared some noteworthy news beyond the financial results. They secured a brand new sports wagering permit in Poland, and their subsidiary, Game Lounge, acquired two top-tier domain names in North America: BetNJ.com, targeting the New Jersey sports wagering and casino sector, and OnlineCasino.mx for Mexico. Lastly, regarding the aforementioned leadership change, the board opted to separate from Anders Holmgren, their previous President and CEO.
The pursuit of a long-term chief executive is underway, with candidates from within the organization and external prospects being evaluated,” Gunnar stated. “I am certain the board is proceeding swiftly and thoroughly. Currently, my concentration is on maintaining our momentum with the existing plans, and I am assured of the complete backing of everyone present.”