Innelec Multimedia SA (FR:ALINN) has released an update.
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Innelec Multimedia SA reported a significant drop in first-quarter revenue, down 57% from the previous year to €15.6 million, amid a market downturn impacting gaming console and physical game sales. Despite the market contraction, the company has initiated a cost-saving plan expected to yield savings of €1 million annually, while expressing confidence in rebounding sales due to upcoming new products in the video game ecosystem and improvements in e-commerce. The company remains optimistic about capitalizing on new business opportunities and strengthening its online sales platform.
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