Swedish games group Embracer meets Q1 operating profit forecast
adds details, context in paragraph 3-6
By Jesus Calero and Tilla Sjaavaag
Aug 15 (Reuters) -Swedish games developer Embracer EMBRACb.ST posted first-quarter operating profit in line with expectations on Thursday, driven by growth in the Tabletop and Mobile segments amid fewer game releases in a seasonally softer quarter.
The owner of the Tomb Raider franchise said its adjusted operating profit fell 50% to 828 million Swedish crowns ($79.16 million) in itsfirst quarter through June, just below analysts' forecast of 839 million crowns in a company-provided consensus.
The company said in astatement that performance in PC/Console and Entertainment and Services segments was softer year-on-year due to lower release activity, but still expects to release games with a value of 3.9 billion crowns for the financial year.
Embracer, like other game developers, benefited from growing demand for video games during COVID-related lockdowns, but has since been hit by development delays, falling demand and poor reception for some of its new titles.
After years of studio acquisitions to become a top global and European games publisher, the company took on $1.5 billion in debt.
However, it suffered a major setback last year after a $2 billion partnership deal with an undisclosed company fell through in May, which led it to announce a major restructuring plan.
($1 = 10.4601 Swedish crowns)
Reporting by Jesus Calero and Tilla Sjaavaag; Editing by Sonali Paul, Muralikumar Anantharaman and Kim Coghill
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