Despite Industry Struggles, This Company Has Seen Tremendous Growth Recently

Nazara Technologies Ltd recently unveiled its Q1 2023 financial results for the three-month period that ended on June 30th, 2022. Despite many companies within the gaming and technology industries struggling at this time, that was not the case for Nazara during the first quarter of the organization’s 2023 fiscal year.

The company reportedly grew by 22% year-on-year with net profits topping out at $2.08 million. Revenues during the quarter increased by 70% to hit $28.15 million. The company’s bottom line grew by 237% while its top line went up by 27.4% during the June FY23 quarter.

“The multi-pronged approach to capture opportunities has been yielding positive traction and we are in line with our target growth plans for FY23,” said CEO Manish Agarwal. “We have made investments in business segments that will provide us with robust growth opportunities in the years to come.”

Nazara Technologies is one of the few companies to not be impacted by the post-pandemic gaming lull. After all, Nintendo, Sony, and Microsoft all reportedly saw video game sales fall during the second quarter of 2022.

(All information was provided by CNBC and Money Control)

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