Business
Playtika Holding Corp. Reports Q2 2024 Financial Results
Revenue of $627.0 million and Direct-to-Consumer (“DTC”) Revenue of $173.7 millionDTC Platforms Revenue Increased 1.3% Sequentially and 5.1% Year Over
About this update from Playtika Holding Corp.
[{"type":"text","content":"Revenue of $627.0 million and Direct-to-Consumer (“DTC”) Revenue of $173.7 millionDTC Platforms Revenue Increased 1.3% Sequentially and 5.1% Year Over YearGAAP Net Income of $86.6 million and Credit Adj. EBITDA of $191.0 million HERZLIYA, Israel, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Playtika Holding Corp. (NASDAQ: PLTK) today released financial results for its second quarter for the period ending June 30, 2024. Financial Highlights Revenue of $627.0 million decreased (3.7)% sequentially and (2.5)% year over year.DTC platforms revenue of $173.7 million increased 1.3% sequentially and 5.1% year over year.Net income of $86.6 million increased 63.4% sequentially and 14.4% year over year.Credit Adjusted EBITDA of $191.0 million increased 2.9% sequentially and decreased (11.2)% year over year.Cash, cash equivalents, and short-term investments totaled $1.1 billion as of June 30, 2024. “We are focused on the resilience and potential of our leading games and our strategic initiatives aimed at revitalizing our portfolio,” said Robert Antokol, Chief Executive Officer. “We are actively pursuing opportunities to broaden our game offerings through M&A. Our focus is on identifying studios that complement our existing games and drive long-term value.” “Our focus on our direct-to-consumer business and our highly disciplined approach to managing operating expenses has led to a notable improvement in our margins on a sequential basis,” said Craig Abrahams, President and Chief Financial Officer. “We are taking steps to ensure sustained growth and profitability and we remain committed to delivering long-term value to our players and shareholders, our focus on execution remains unwavering.” Selected Operational Metrics and Business Highlights Average Daily Paying Users of 298K decreased (3.6)% sequentially and (2.9)% year over year.Average Payer Conversion of 3.7%, up from 3.5% in Q1 and 3.6% in Q2 2023.Casual games revenue decreased (4.3)% sequentially and (1.7)% year over year.Social casino-themed games revenue decreased (2.9)% sequentially and (3.4)% year over year.Bingo Blitz revenue of $155.7 million decreased (1.2)% sequentially and (0.4)% year over year.June’s Journey revenue of $74.6 million decreased (2.6)% sequentially and increased 1.9% year over year.Slotomania revenue of $133.8 million decreased (1.2)% sequentially and (7.5)% year over year...