Cherry AB, notwithstanding a leadership restructuring, announced a robust second quarter, with revenue soaring by 41% to SEK 753 million (approximately US $82 million). This remarkable expansion was propelled by a 39% surge in internal revenue. The firm’s profitability also witnessed a substantial upswing, with earnings before interest, taxes, depreciation, and amortization (EBITDA) escalating 78% to SEK 165 million (US $18 million). These favorable financial outcomes were attributed to solid performance throughout Cherry’s internet gaming division, which underwent expansion and reinforced its position in crucial markets. Emerging brands within this sector also swiftly gained momentum, attracting an expanding clientele.
Cherry allocated considerable investments during the quarter, primarily towards marketing campaigns for both established and new brands, in addition to the advancement of gaming offerings by its subsidiaries Yggdrasil and Highlight Games. The corporation marked several achievements, such as obtaining a fresh sports wagering permit in Poland. Furthermore, its subsidiary, Game Lounge, procured two high-value domain names in North America: BetNJ.com, focused on the burgeoning sports wagering and casino sector in New Jersey, and OnlineCasino.mx, strategically situated in Mexico.
In separate developments, the company’s board of directors opted to terminate their agreement with Anders Holmgren, releasing him from his responsibilities as President and CEO.
Gunnar reassured everyone that the organization had initiated the process of identifying a long-term Chief Executive Officer, considering individuals from both within and outside the company. He emphasized the board’s dedication to selecting the most suitable candidate. Meanwhile, Gunnar expressed his commitment to maintaining the current strategic course, highlighting the unwavering support he receives from the entire staff.”
