The internet gaming corporation, Cherry Group, experienced a substantial 58% increase in earnings for the recent quarter, accumulating an impressive SEK 899 million (approximately $98 million USD).
This achievement extends their successful run this year, with earnings currently at a robust SEK 2.33 billion, reflecting a 42% upswing. Even more remarkable is the 114% surge in their profits (EBITDA) to SEK 615 million. Cherry’s chief executive, Gunnar Lind, aptly summarized, “The third quarter was exceptional, primarily due to the favorable growth in internet gaming.”
Regarding online gaming, Cherry’s ComeOn brand is fully committed to the recently regulated Swedish market, seeking eight licenses. Lind expressed satisfaction with their approach, stating, “ComeOn executed a comprehensive plan over a year ago, which has now produced very positive outcomes.”
Shifting focus to Yggdrasil Gaming, a standout performer within Cherry’s holdings, they have also excelled, boasting a remarkable 66% revenue increase this year, reaching SEK 195.8 million. Their profits (EBITDA) show a healthy 21% rise to SEK 49.7 million.
Yggdrasil’s founder and CEO, Fredrik Elmqvist, is understandably enthusiastic: “This quarter, we secured agreements with several significant clients and established our initial social gaming collaboration in Asia through a partnership with Taiwanese provider XSG.”
Furthermore, Elmqvist revealed, “Moreover, I’m delighted to share that following the quarter’s end, we also finalized agreements with ATG and Svenska Spel in Sweden, along with Veikkaus in Finland.” It appears Yggdrasil is just beginning its upward trajectory!