On April 11, Devolver Digital published its financial report for 2022. Although the company reported revenue growth, investors were not very happy with the results.
What was said in the report:
The annual revenue of Devolver Digital amounted to $134.6 million, which is 37.1% more than in 2021. 45% of the revenue came from games from the back catalog;
The company noted that at the end of 2022, sales of games from the back catalog were lower than expected. Devolver Digital also has increased operating expenses due to inflation, an increase in the number of employees and salary costs, as well as an increase in marketing costs;
▪️Devolver Digital has released 12 new games in 2022. One of the most successful were Cult of the Lamb and Return to Monkey Island. For the first half of 2023, the publisher had planned only one new product – Terra Nil, released on March 28. Another 9-11 games will be released in the second half of the year.
After the publication of the report, Devolver Digital shares fell by 9.28% to £0.29 ($0.36) apiece. They haven’t traded so cheaply yet.