Embracer has reported disappointing results for the second quarter of 2024, reporting a large drop in net sales of 21% across the gaming group to SEK 8.6 billion ($782 million), with net sales of its entertainment and services also dropping by 10%.
Adjusted operating profit fell by 33% to $109 million between July and September 2024, missing projected forecasts.
In its entertainment and services division, which also includes comic book publisher Dark Horse Media, Embracer reported a 14% drop in organic growth, which it put down to “lower activity and tough comparison figures year on year” within subsidiary Middle-earth Enterprises, the holding company for “Lord of the Rings.”
While Middle-earth Enterprises had a “slow quarter” year-on-year due to a lack of new games releases, it did provide “higher film revenue than expected,” the company…
