Casino News: Cryptologic cuts losses in third quarter

Cryptologic cuts losses in third quarter

 November 15, 2009, 11:50 am (8 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.
AddThis Feed Button Bookmark and Share

  Related News
Jul-27-2008 The biggest population of Internet users
Jul-16-2008 Tighter Regulation might solve the problems with online gambling
Mar-29-2007 UIGEA Action Hits Shares Hard In a United States Company
Sep-01-2008 7Aff.com Affiliate Program
Apr-07-2007 In New York, Widespread Online Sport books Arrests
 Comments (0)    Back to Top
Verification (Enter the text in the image above)
Name
Automatic Translation
Extra extra read all about it, join our newsletter and receive updated online casinos news, useful tips and top bonuses to your email absolutely free!
Email:
Privacy Policy |  Terms of Use |  Gamblers Anonymous
Copyright © 2009 Online Casino Extra