Playtika Q1 2024: Revenue stagnates at $651.2m
The company announced revenue of $651.2m, a figure that represents a 0.8% decrease year-on-year.
Playtika has announced its financial results for the first quarter of 2024, ending 31 March. During this period, the company reported a revenue of $651.2m, marking a 2.1% increase sequentially but a slight decrease of 0.8% year-on-year.
Direct-to-consumer (DTC) platform revenue reached $171.5m, showing a 6.1% sequential increase and 13.2% increase year-on-year.
Playtika reported a GAAP net income of $53m, marking a 42.1% sequential increase. There was, however, a decrease of 37% year-on-year.
Adjusted EBITDA stood at $185.6m, reflecting a 16.7% decline year-on-year, while net income margin fell from 12.8% to 8.1%.
Regarding the results, Robert Antokol, CEO of Playtika, commented: “We are fully committed to execution, building on our operational advancements.
“The actions we are taking, including restructuring our executive team and streamlining leadership, are designed to position us to return to growth in the mobile gaming sector, enhancing decision-making and creating the potential for increased value for our players and shareholders.”
Craig Abrahams, President and CFO of Playtika, added: “Our direct-to-consumer business continues to show strength, driven by our focused efforts on player retention and the longevity of our players in our games.
“Additionally, our inaugural share repurchase authorisation is consistent with our previously announced capital allocation principles, emphasising our ongoing commitment to delivering shareholder value.”
Looking ahead, Playtika expects revenue for the full year 2024 to be within the range of $2.52bn – $2.62bn, with an adjusted EBITDA of $730m – $770m and capital expenditures within $110m – $115m.
In 2023, Playtika introduced two new senior hires that saw Gili Brudno joining the team as Chief Human Resources Officer and Darlan Monterisi being appointed as the Executive VP and Head of Communications.
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