Swedish Online Gaming Company Cherry Announce Loss For 2013

Swedish Online Gaming Company Cherry Announce Loss For 2013
Swedish Online Gaming Company Cherry Announce Loss For 2013 The Swedish gaming company Cherry have today reported their accounts for 2013 and at first glance the SEK8.2million loss they are showing will come as as a big blow to some, but on closer inspection 2013 was a year of growth as the loss was due to some significant investments, investments that should provide a decent platform for the months and years that lie ahead. The fourth quarter of 2013 saw Cherry buy a 49% share of Web Resorts, an online gaming company, an acquisition that saw them report a loss of SEK10.6milliom for the fourth quarter alone, though sales for the fourth quarter increased by an impressive 16% to stand at SEK75million. For the year overall turnover increased by 15% to stand at SEK266.3million, with online gaming revenues showing a very impressive 32% increase, a figure that generated SEK127.5million. Emil Sunvisson is the CEO at Cherry and he had this to say regarding his companies latest set of accounts. He said, “Cherry continues to grow substantially within online gaming and 2013 has been a year of building through large investments. Cherry has this year launched several new brands on their platform, built using the latest technology with support for both mobile and PC platforms. Cherry has also invested in marketing to build brand awareness. Overall, these efforts resulted in a substantial burden on earnings for 2013, but also provided us with a platform that is required to develop the company.” Despite the reported loss the immediate future looks good for everyone connected with Cherry, and it will be interesting to see how their performance for 2014 holds up on the back of last years significant investments. Recent Posts

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