Cryptologic cuts losses in third quarter
November 15, 2009, 11:50 am (9 years ago)
Online gambling software manufacturer Cryptologic underwent an additional harsh 3rd quarter this year. The outcome was posted which indicated a loss of $3.4 million as expected in its earlier trading update.
On the other hand, the loss is a progress on Q3 2008, when it was higher at $5.9 million, though this contained a $4.2 million negative because of forex expansions. The lower loss was due to management of continued cost savings connected with CryptoLogic’s divesting of its poker network and accompanied reformation, which enabled it to cut quarterly operating expenses by 25 % on a twelve-monthly basis.
For Q3 2009, branded game income resulted in strong increase for the 3rd successive quarter, but seasonally slow wagering activity and unexpectedly slow rollout of games by latest licensees unfavorably influenced the whole outcome.
The company pointed out that Q4 would experience an additional loss because of the sustained impact of the downturn and delays in rolling out branded games.