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CryptoLogic slashes costs but losses mount

11th November 2010 9:35 am GMT

CryptoLogic Limited said Thursday that it has undertaken further restructuring measures in order to “aggressively” reduce costs as the company reported a 36 per cent decline in revenues to US$6.1m for the third quarter ended September 30th.

Total revenues were down 9 per cent quarter-on-quarter which the company attributed to the “historically slow summer period”, as well as a lower contribution from a key licensee in branded games.

Hosted casino revenue amounted to $5.6m, a decline of [...]

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