On September 12, GLOE announced its consolidated financial results for the third quarter of FY2024 (November to July), reporting a sales total of ¥1.545 billion. The company recorded operating, ordinary, and final losses of ¥53 million, ¥55 million, and ¥86 million, respectively. With no comparable data from the previous year due to its non-consolidated reporting then, GLOE is facing a challenging fiscal year.
The company’s “Client Work Services,” which plans and manages e-sports events, saw growth in non-traditional projects, including corporate branding and influencer-led events. However, order volume for the second half of the year fell below expectations, leading to a downward revision of the full-year financial forecast. Sales are now expected to reach ¥2.27 billion, down from the original ¥2.6 billion target, while profit forecasts were adjusted from a ¥150 million gain to a ¥3 million loss.
Despite increased demand in its “Brand Production Service” for influencer-led events, this was not enough to offset the shortfall in its core client work services. GLOE has also announced reductions in executive compensation, with a 20% cut for the Representative Director and a 10% cut for other directors, in response to the disappointing financial performance.
