Playtika Outlines Financial Results for Q1 2023

According to the company’s financial highlights, Playtika was able to generate revenue of $656.2 million, up 4% from the fourth quarter of 2022, but still down 3.1% year-over-year when compared with Q1 2022.

Playtika Posts Quarterly and Annual Gains and Losses

The company said that its quarter-over-quarter DTC platforms revenue hit $151.5 million, which was a 0.9% gain, but it was still down on an annual basis by 0.6%. Net income was set at $84.1 million, down 3.9% from Q4 202 but up 1.1% on an annual basis.

Cash and cash equivalents for the company were posted at $767.2 million as of the end of the reporting period which wrapped up on March 31, 2023. Credit-adjusted EBITDA was posted at $222.7 million, or up 9.9% quarter-over-quarter and up 12.8% on an annual basis.

Playtika’s executives have elaborated on the current situation with the company and set a course of action. Playitka, said company chief executive officer Robert Antokol, was doing well as it continued to deliver immersive entertainment experiences throughout the quarter.

Its games added Antokol, were enjoyed by millions of players every day. He offered particular praise to the company’s LiveOps expertise which, together with the robust tech stack, was a great way to boost player experiences. Antokol similarly spoke about the AI-powered Digital Studio that was a part of the company’s ambition to continue delivering on organic conversion and reach, as well as sequential growth.

Strategic Decisions Implemented to Boost Finances

Playtika CFO and president Craig Abrahams argued that there have been a number of strategic decisions implemented over the past year to ensure that 2023 will be profitable and that the margin profile will continue to improve on a quarterly basis.

“We will continue to efficiently invest in our technology while maximizing ROI across our portfolio, positioning ourselves to outperform in the years to come,” Abrahams said. Earlier this month, there was some media speculation that a private equity firm may be interested in buying Playtika.

Meanwhile, Playitka also posted a detailed breakdown of its average daily playing users, which were around 326,000 people, or a 4.2% quarterly gain and 0.9% annual gain. The average player conversion stood at 3.6%, or up from the 3.5% reported in Q4 2022. Casual game revenue also went up by 7.1%.

Bingo Blitz revenue increased to $159.2 million, up 2.6% from last quarter, and marking a steady annual gain of 13%.