Playtika Holding Corps' focus on casual games has led to an increase in revenue during the third quarter of 2022, but a decrease in net income. According to Playtika’s third-quarter results, the company took in $647.8m in revenue, an increase of 2% from Q3 2021. However, its net income was down 15% year-over-year – down from $80.5m to $68.2m.
According to Playtika’s quarterly report, its catalog of casual games brought in $355m during Q3. The gaming company has decreased its focus on social casino games, which faced a 10% decline in revenue compared to 2021.
“We are encouraged by the growth of our casual portfolio and will continue to invest responsibly in our strongest franchises,” said Craig Abrahams, Playtika’s President and CFO.
“As we look to further optimize our business model, we are operating our studios with a focus on innovation and efficiency while generating robust free cash flow.”
Playtika highlighted the casual games with the largest revenue increases, including the hidden object game June's Journey (up 32.5%), the live bingo game Bingo Blitz (up 14.7%), and the Tripeaks Solitaire game Solitaire Grand Harvest (up 14.3%).
“Playtika’s casual games performed exceptionally well,” said Playtika CEO Robert Antokol. “Bingo Blitz, Solitaire Grand Harvest, and June’s Journey achieved double-digit growth year-over-year and we are very pleased with their continued success.
"We believe we are well positioned for the future as we develop exciting, new features for our games and drive our strategic initiatives focused on technology and digitization to build on our leadership position in mobile games.”
Playtika also reduced the company’s outstanding shares by about 51.8 million, spending $600m to purchase the shares via tender offer.
