Cherry set to surpass financial expectations in Q1

Cherry AB has said that it expects to post better-than-forecast financial results for the first quarter.

In its preliminary assessment, Cherry said revenue should amount to SEK675m (€64.8m/$80.1m) in the three months to March 31.

Earnings before interest, tax, deprecation and amortisation (EBITDA) is also set to come in at SEK38m with a margin of 28%.

Cherry has put this expected growth down to continued improvement within its online gaming business area, with several brands having experienced expansion in the first quarter.

The company also cited more efficient organisation of its ComeOn operations as a key factor behind its success in the quarter, as well as game development and online marketing.

Cherry is due to present its full interim report for the quarter on May 3.

Related article: Cherry reveals 104% revenue growth in 2017