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888 says second quarter is disappointing so far

By admin on 2010-05-02 08:01:45

888 the Gibraltar based online casino operator has reported vastly differing fortunes for the first and second quarters and has stated its intention to cut costs. First quarter numbers showed considerable growth in operating income with online casino operations offsetting disappointing results from Poker. The number of active poker  players actually increased but the operating income decreased suggesting that players were playing for smaller stakes or playing less frequently. The Business to Business division, Dragonfish also had operating income reduced compared to the same period last year. Despite this, second quarter figures have been disappointing according to a company statement and cost cutting measures will be taken. The company currently employs some 900 people but this will inevitable be reduced and even top managers are being asked to take a pay cut. The company normally expects second quarter revenues to decrease but this has been more than expected. CEO Gigi Levy said that he remained confident about the future and also hinted that there might be a couple of acquisitions in the pipeline. 888 remains a big fish in the online casino world and the newly regulated Italian market should soon be producing revenues.