Press release
GDEV Announces Results for Third Quarter and First Nine Months of 2023
Limassol, Cyprus, Nov. 21, 2023 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”)
About this update from Gdev Inc.
[{"type":"text","content":"Limassol, Cyprus, Nov. 21, 2023 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its unaudited financial and operational results for the third quarter and nine months ended September 30, 2023. Third quarter 2023 highlights: Revenue of $121 million declined by 5% year-over-year though grew 6% compared to the previous quarter.Bookings of $102 million declined by 6% year-over-year.Total comprehensive income of $24 million declined by 22% year-over-year though grew 15% compared to the previous quarter.Profit for the period, net of tax, amounted to $24 million compared to $32 million in Q3 2022 and $20 million in the previous quarter.Cash flows generated from operating activities of $8 million compared to $60 million in Q3 2022.Adjusted EBITDA of $29 million compared to $45 million in Q3 2022 and $16 million in the previous quarter.Selling and marketing expenses of $43 million compared to $21 million in Q3 2022.Monthly Paying Users of 375 thousand increased by 23% year-over-year. “Over the last two years, the gaming industry has encountered several challenges, both external and industry-specific, which have reshaped the landscape for all gaming companies,” said Andrey Fadeev, Chief Executive Officer. “GDEV has worked diligently to adapt to this new reality by enhancing its practices in the areas of product, marketing and team management, and is committed to continue with these efforts moving forward. We are pleased that our endeavors have resulted in more than a twofold increase in investments in new players in 3Q 2023 compared to the previous year. The rise in marketing investments has led to a 23% year-over-year growth in monthly paying users, which is expected to provide a strong foundation for our future growth through the end of 2023 and beyond.” Product updates: Hero Wars, our flagship global mid-core franchise, celebrates in November the 7th anniversary of its mobile version (Hero Wars: Alliance) and the 5th anniversary of its PC version (Hero Wars: Dominion Era). Since their respective launches, Hero Wars: Alliance has accumulated over $1.2 billion in bookings, while Hero Wars: Dominion Era has exceeded $350 million in bookings.Island Hoppers (formerly known as Island Questaway), our casual farming adventure franchise, has launched into global r...