Global Gaming Reports Loss in Third Quarter

Gaming firm Global Gaming has posted their 2019 third quarter financials, posting a loss of SEK 40 million for the period.

Key financial indicators for the third quarter ending September 30th, 2019 were:

  • Operating loss of SEK 37.6 million, down from a profit of SEK 60.3 million last year
  • Revenue down 76% to SEK 60.3 million
  • Ninja Casino generated 90% of company revenue

The company had their Swedish gaming license suspended earlier this year, causing the massive stumble in financials. Global has been trying to lower costs to try and offset their losses, but it's not known whether or not this will have any long-term success. For now, it looks like the company appears to be putting their strategy together to try and right the ship.

Commenting on the results Global Gaming CEO Tobias Fagerlund said, "Our situation is unsurprisingly still difficult and there are no magic tricks that can restore our results or the market's confidence and belief that we can bounce back. All we can do is work hard with the determination to do just that - bounce back.

"Adapting the business to the circumstances restoring revenue-generation and growth is a long-term endeavour and will continue for a while yet, but I'm pleased to note that we are already able to see the results of our efforts. The effects of our restructuring, cost saving measures, changes in strategy and technology are immediately tangible."

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