Casino News: Disappointing third quarter result for Gigamedia

Disappointing third quarter result for Gigamedia

 December 22, 2009, 11:23 am (7 years ago)
Gigamedia, holding and managing leading online companies such as Everest Gaming, has revealed its Q3 2009 outcomes, covering the 2nd and 3rd quarters, with Q2 incomes at $37.7 million and EBITDA of $2.3 million, but weak result of 3rd-quarter incomes of $37.2 million and negative EBITDA of $10 000. The board is estimating a “small double-digit” drop in its Asian online games business income in the 4th quarter.

For the most recent quarter, Gigamedia marked a net loss of $2.4 million, compared with an income of $12 million one year ago. Incomes dropped by 19 % twelve-monthly.

The company blames partly on the negative economic conditions and strong competitive pressures in Europe for unsatisfactory outcomes, and considerable marketing and other costs surrounding latest online game schemes in Asia. Both the gaming software and the Asian online games businesses brought worse than anticipated operation throughout the periods.
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