Thunderful Sees 5% Decline in Q3 Revenue, 76% Drop in Profits

Thunderful has published its Q3 financial report, which covers the period ending September 30, 2022. The results indicate a decline in both revenue and profit for the Swedish publisher and distributor. Revenue decreased by 4.8% to SEK 703.4 million, equivalent to $67.8 million, while profits plummeted by 76.5% to SEK 11.4 million, or $1.1 million. However, the company's games division experienced a significant boost, and strong sales from October releases such as Lego Bricktales are expected to offset the decline. Key financial highlights include: overall revenue of SEK 703.4 million, down 4.8% year-over-year; distribution revenue of SEK 585.6 million, down 8.5%; and games revenue of SEK 117.8 million, up 19%. CEO Anders Maiqvist attributes the decline primarily to the distribution business but notes that the games segment is gaining momentum, with new releases generating the highest revenue since separate reporting began. The company's acquisition of Somerville developer Jumpship was also announced, with Somerville launching on the same day as the financial report.