Business
PLAYSTUDIOS, Inc. Announces Second Quarter and First Half 2021 Results
Second Quarter Revenue of $70.8 Million First Half 2021 Revenue of $144.9 Million, up 6.4% year-over-year Company positioned to execute M&A growth strategy
About this update from Playstudios, Inc.
[{"type":"text","content":"\nSecond Quarter Revenue of $70.8 Million\n\nFirst Half 2021 Revenue of $144.9 Million, up 6.4% year-over-year\n\nCompany positioned to execute M&A growth strategy with enhanced liquidity and the hiring of a corporate development veteran\n\n LAS VEGAS--(BUSINESS WIRE)--\nPLAYSTUDIOS, Inc. (NASDAQ: MYPS) (“PLAYSTUDIOS” or the “Company”), an award-winning developer of free-to-play casual games for mobile and social platforms that offer real-world rewards to loyal players, today announced financial results for the second quarter and six months ended June 30, 2021.\n\nSecond Quarter and First Half 2021 Financial Highlights\n\n\nRevenue was $70.8 million during the second quarter of 2021, compared to $77.9 million during the second quarter of 2020. The year-over-year change reflects lift attributable to the stay-at-home restrictions that were in place during the second quarter of 2020. For the six months ended June 30, 2021, revenue grew 6.4% to $144.9 million compared to $136.2 million during the same period in 2020.\n\n\nNet loss was $7.0 million during the second quarter of 2021, compared to net income of $13.0 million during the second quarter of 2020. Net loss was $1.1 million during the six months ended June 30, 2021, compared to net income of $18.5 million during the same period in 2020.\n\n\nAEBITDA, a non-GAAP financial measure defined below, was $3.4 million during the second quarter of 2021, compared to $22.5 million during the second quarter of 2020. AEBITDA was $17.9 million during the six months ended June 30, 2021, compared to $36.0 million during the same period in 2020.\n\n\nAndrew Pascal, Chief Executive Officer of PLAYSTUDIOS, commented, “The first half of 2021 was quite eventful, and significant in positioning the Company for future growth. We completed our public listing, raising $185 million of net primary capital, launched myVEGAS Bingo to a global audience, expanded our rewards catalog with new partners and categories, and recruited key hires in Corporate Development and Talent Management.”\n\nHe further added, “On the organic growth front, the initial quarterly results of myVEGAS Bingo are encouraging. We are seeing healthy retention, engagement, and monetization trends. Notwithstanding the current high CPI environment where we are being disciplined and thoughtful around user acquisition, we remain confident ...