Reported about 2 months ago
Embracer Group, owner of the Tomb Raider franchise, reported a staggering 50% decline in operating profit during the first quarter due to a reduced number of game releases. Despite expecting to launch games worth 3.9 billion Swedish crowns for the year, the company's Entertainment & Services segment saw a 54% drop in sales, contributing to a 6% fall in shares. The game developer has faced challenges like development delays and declining demand post-COVID, prompting a major restructuring after a failed $2 billion partnership last year.
Source: YAHOO