CMGE Technology Group Issues Profit Warning Amid Revenue Decline and Increased Expenses

CMGE Technology Group Limited ( (HK:0302) ) has shared an announcement.

CMGE Technology Group Limited has issued a profit warning, indicating an expected net loss of up to RMB2.2 billion for the year ending December 31, 2024, compared to a net loss of approximately RMB38.0 million in 2023. This significant decline is mainly due to a 25% to 30% decrease in revenue, attributed to delays in game launches and underperformance of existing games, as well as increased non-operating expenses, including fair value losses on financial assets and impairments of goodwill and other intangible assets.

More about CMGE Technology Group Limited

CMGE Technology Group Limited is a company incorporated in the Cayman Islands, primarily involved in the gaming industry. The company, along with its subsidiaries and consolidated operating entities in China, focuses on the development and distribution of mobile games.

YTD Price Performance: -33.33%

Average Trading Volume: 8,962,452

Technical Sentiment Consensus Rating: Buy

Current Market Cap: HK$1.56B

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