Swedish audiobook company Storytel reported financial results for the first quarter ended March 31, with sales up 7 percent to SEK953 million, due to increased streaming and publishing sales. Gross profit grew 12 percent to SEK423 million while net profit was SEK19 compared to a loss of SEK(23) in the previous period. Adjusted EBITDA was up 44 percent to SEK150, “driven by the increased gross margin, further realization of cost synergies and strong cost discipline.” Streaming sales were up 6 percent to SEK862 million from SEK812 million. The growth was attributed to a higher number of subscribers, which increased 11 […]
