Playstudios has posted its report for 2022’s second quarter, which ended June 30. Among the highlights was an increase in the company’s net income to $5.5m when compared to a net loss of $7.0 million during the second quarter of 2021.
Overall company revenue during the second quarter fell to $68.4m from the previous year’s quarterly revenue of $70.8m.
Despite a decline in quarterly revenue, adjusted EBITDA during Q2 more than doubled when compared to last year’s Q2 figures, reaching $7.3m.
Playstudios Chief Executive Officer Andrew Pascal said the company remains confident it will remain strong amid economic concerns.
He commented: “The mobile games industry is experiencing its first period of contraction, as the overall economic backdrop has impacted consumer confidence and behavior. In our view, the companies with strong balance sheets, enduring franchises, and distinct competitive advantages will overcome the uncertainty and position themselves for a strong recovery.
“Despite the recent market headwinds, we are confident that the efforts we have made and are making will continue to advance our platform and further our position as leaders in rewarded play.”
During the second quarter, the company partnered with the international sightseeing brand Big Bus Tours. The two have collaborated to release a new suite of exclusive rewards to the playAWARDS loyalty platform.
“In our case, the evolution of our playAWARDS model, our investments in existing and new games like TETRIS, and our disciplined approach to strategic M&A, will enable us to further demonstrate the truly unique characteristics of our model. As pioneers of rewarded play, we’ve amassed the richest collection of benefits and rewards in all of gaming,” Pascal said.
“The engagement rates and scale of our loyalty program demonstrates what’s possible when you publish games people love and reward them with real-world benefits they want.”
Pascal concluded by laying out a game plan for the company to maintain strong financial performance.
He said: “In this period of uncertainty, we remain intensely focused on three key objectives. The first, is to scale our audience by enhancing our existing franchises and adding new games to our portfolio.
“Our acquisition of the Tetris license and its millions of organically generated installs is illustrative of our strategy. The second, is to enrich the capabilities and breadth of our rewards offerings. Our recent announcement of our playBLOCKS venture, and our intention to tokenize our loyalty program aligns with this objective. And the third is to improve both our development capacity and overall operating efficiency, with a longer-term view towards margin growth.”
