CyberAgent (4751) FY17 Q3 Results Comment

Key Points   CyberAgent’s Q3 FY17 results failed to meet consensus expectations (NI ¥4.9bil / OP ¥8.4bil / revenue ¥88.8bil), mainly due to the underperformance of the Game Business.  In particular, while Game sales increased 9.2% YoY, the segment’s OP declined 17.1% YoY. CyberAgent’s seven major titles didn’t trend very well in Q2. However, as we have noted, their rankings have been improving since July and they are frequently seen in the top 20 overall grossing charts. In addition, the com...