In total, the developer generated $1.4m in second quarter revenue, a 2% fall year-on-year.

This in turn contributed to a drop in operating income, down 34% from $263,388 to $172,713, which likewise negatively impacted Tapinator’s bottom-line.

CEO Ilya Nikolayev attributed this downturn to “macroeconomic headwinds,” alongside “industry-wide slowdowns,” which compared unfavourably to Tapinator’s pandemic-era growth.

He commented: “Our results this quarter, in both our mobile gaming and NFT collection and publishing businesses, were negatively impacted by macroeconomic headwinds and industry-wide slowdowns as compared to the significant growth experienced during the pandemic era.”

Andrew Merkatz, President of Tapinator, echoed this sentiment, adding: “Overall market conditions within both the mobile gaming and crypto markets deteriorated significantly in Q2 2022.”

However, while Q2 saw the developer dip into the red, Tapinator’s second quarter net loss was offset by considerable first quarter growth.

For Q1, the company’s revenue rose by 38% year-on-year, driving an improved half-year performance. Tapinator’s second quarter revenue brings it total for H1 to $3m, a 17% increase year-on-year.

The developer’s half-year net income, meanwhile, grew by 62%, rising from $453,446 to $733,224.

“On the mobile gaming side, we continue to have multi-year conviction regarding our key franchise games, including Video Poker Classic, Crypto Trillionaire, Keno Vegas and Lucky Lotto, and are actively continuing to develop these titles,” continued Nikolayev.

“During this past quarter, we also embarked upon a longer-term strategy of increasing our investment in game marketing, a strategy we believe to be important for resuming overall growth in future quarters.”