Giant game publisher Devolver Digital announced it fell short of its expected sales figures in the first five months of 2022. Immediately after the announcement, Devolver’s shares fell 47% to the low of $0.88.
Devolver said in a statement that the recession in sales could also apply to the rest of 2022. The company’s shareholders were uneasy after these statements. The publisher also estimates that its expenses will increase in 2022 due to personnel, marketing, and inflation.
Devolver Digital has more than 100 games in its portfolio. Hotline Miami, Fall Guys, Death’s Door, Serious Sam, and Shadow Warrior are just some of the famous games in this portfolio.
The company has so far managed to gain the confidence of its investors. The shares of Devolver, which went public on November 4, 2021, made a rapid exit, trading at $2.70 in January and peaking. Now, the company’s shares have fallen below 1 dollar and have seen a historical bottom.
Devolver Digital has already started working to regain the trust of investors. The company’s statement included the following:
“The board expects revenues and profit to be weighted towards the second half of the fiscal year 2022, supported by highly anticipated new title releases, strong demand from subscription platforms, and continued evergreen back catalog sales at year-end.”
The game industry has grown rapidly during the pandemic process. The year 2022 will be a year when the effects of the pandemic are overcome, and life becomes normal. During this period, there was a pause across the game industry. The growth rate has slowed, and many large and small companies are affected by this situation. How Devolver’s shares will draw in the coming days is a matter of curiosity.