Playtika Holdings posts Q3 revenue up 2% year-on-year to $647.8m
Playtika Holdings generated revenue for Q3 of $647.8m, up 2% year-on-year.
Revenue from the company’s casual portfolio grew 14% year-on-year and has accounted for 55% of its overall revenue for the quarter.
Playtika’s direct-to-consumer channel grew by 9% too, accounting for 23% of its overall revenue.
However, net income dropped year-on-year, falling from $80.5m in Q3 2021 to $68.2m this time around.
Adjusted EBITDA also fell from $247.8m in the prior-year period to $230.7m.
Playtika’s cash and cash equivalents totalled $1.2bn as of 30 September 2022; however, the company purchased $600m worth of shares in October via a tender offer.
This will have reduced the company’s total available cash but has allowed it to reduce its outstanding shares by 51.8 million shares.
Playtika CEO Robert Antokol said: “Playtika’s casual games performed exceptionally well. Bingo Blitz, Solitaire Grand Harvest, and June’s Journey achieved double-digit growth year-over-year and we are very pleased with their continued success.
“We believe we are well positioned for the future as we develop exciting, new features for our games and drive our strategic initiatives focused on technology and digitization to build on our leadership position in mobile games.”
For the full year 2022, Playtika is expected to produce total revenue in the range of $2.60bn to $2.66bn, and adjusted EBITDA within the range of $900m to $940m.
Craig Abrahams, Playtika President and CFO, added: “We are encouraged by the growth of our casual portfolio and will continue to invest responsibly in our strongest franchises. As we look to further optimize our business model, we are operating our studios with a focus on innovation and efficiency while generating robust free cash flow.”
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