Online gambling upturn may bring ‘better than anticipated’ Q1 for Cherry AB

Stockholm-listed online gambling operator Cherry AB is feeling confident that its 2018 first quarter revenue will once again beat analysts’ expectations.

In a statement, Cherry forecasts its revenue will expand by 24.8 percent to SEK675 million (US$80.27 million) in the first three months of the year compared to the SEK541 million ($64.35 million) it reported in the same period in 2017, thanks to a “continued improvement” in its online gambling segment.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the first quarter was up SEK188 ($22.36 million), more than double than the SEK83 million ($9.87 million) during the prior year period.

“During the quarter, several brands in the business area enjoyed favorable market growth, which in combination with the ongoing focus on a more efficient organization of ComeOn operations, resulted in a better development than anticipated,” the Swedish company said in a statement.

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