Playstudios has published its financial and business results for this year’s second quarter. The company posted $72.6m in revenue during the second quarter, down nearly $5m when compared with results from the same period last year.
Playstudios reported a total net loss during Q2 of $2.6m, more than double its reported net loss from the comparable prior year period.
Its consolidated AEBITDA reached $14.1m. The company’s AEBITDA total fell by more than $2m year-over-year.
Company Chairman and CEO Andrew Pascal took a moment to discuss the Q2 report.
He commented, “We had a busy and productive quarter completing many strategic initiatives that better position our company for future growth. While persistent industry weakness continues to be a challenge for our Social Casino portfolio, I believe we have opportunities in our portfolio that will eventually override this pressure.
“We have been steadily making progress on these efforts and continued to do so this quarter. Longer term, our focus remains on building a strong and durable business that can produce exceptional returns regardless of industry dynamics.”
Pascal went on to comment on trends in the social casino industry and the company’s plans for the future.
He concluded by saying, “Quarterly revenues in our playGAMES division were down 4.6% vs. last year. Weakness in the social casino industry was the main driver of the shortfall with our core portfolio accounting for the majority of the year-over-year decline. We expect industry weakness to continue throughout the remainder of the year and have adjusted our full year outlook to reflect this.
“Despite the pressure, our focus remains on implementing structural changes within our games to improve their results regardless of how the industry performs.”
This fall, Playstudios will host its inaugural million-dollar myVIP World Tournament of Slots at Atlantis Paradise Island. Slot enthusiasts will have the opportunity to score the $1m top cash prize, as well as the “World’s Greatest Slot Player” title.
The tournament will run from October 24 to October 27 and will be open to both in-person and online players.
