By Elena Vardon
Devolver Digital shares fell on Thursday after the company said its 2023 performance will be lower than expected due to new title releases delays, fewer subscription deals and weaker back-catalogue revenue.
At 0808 GMT, shares were down 4 pence, or 20.5%, at 15.5 pence.
The U.S. incorporated videogame publisher expects its group normalized adjusted earnings before interest, taxes, depreciation and amortization for the year to at least break even, before returning to growth and accelerating in 2025.
In April, it had guided for “solid growth” over 2022’s normalized adjusted Ebitda of $13.9 million.
The London-listed group sees negative normalized adjusted Ebitda for the first half of the year given its weaker performance in the period, it said.
Devolver had $64 million in net cash as of June 30, it said.
Write to Elena Vardon at elena.vardon@wsj.com
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