At the same time, Devolver saw an expected increase in amortization costs related to these games as well as increases in general operating expenses due to inflation, headcount and marketing. Major games released by Devolver Digital during the offending period include the disappointing Shadow Warrior 3, Weird West and Trek to Yomi, all of which were part of a subscription (PlayStation Now, Xbox Game Pass).
All told, Devolver anticipates 2022 annual revenue of between $130 million and $140 million and pretax profit somewhere between $27 million and $32 million, increases of 30% and 15% respectively. For this, Devolver is counting on certain releases expected in the second half, in particular Return to Monkey Island, but it is its strong catalog of 90 games that should bring the bulk of the turnover.
At the end of May 2022, Devolver had $75 million in net cash. But no pity for the newcomers: the market immediately sanctioned the press release from Devolver, whose share value fell 48% yesterday to reach its lowest level (59.30 pence sterling) since the start of the IPO on November 5, 2021.
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