Internet gaming software company CyptoLogic (CRYP) warned that it expects to report lower revenue and a loss, after wagering volumes for the quarter were sluggish, and the usual seasonal uptick that typically comes in September was well below historical trends. The company's management expressed confidence that the business can return to profitability and long term growth, but at a slower rate than originally anticipated. Shares plunged over 21% in early trading Friday.
And shares of Callaway Golf (NYSE:ELY) fell more than 8%, after warning it expects to post a 25 cent loss for the quarter, with net sales expected to show an 11% decline from the same quarter last year. Despite the expected loss, Callaway CEO George Fellows was optimistic that a recovery is beginning.
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