Tapinator Inc., a publisher of mobile games and NFTs, released its results for the third quarter of 2022. Revenue decreased by 14% year-over-year to $1.3m.
Bookings for the company also decreased 31% year-over-year to $1.2m. For the period ending on September 30, 2022, Tapinator achieved revenue of approximately $4.4m.
The company gained a net income of approximately $877,000 and an adjusted EBITDA of approximately $990,000.
Tapinator CEO Ilya Nikolayev commented: "We continue to see a slowdown in our mobile gaming business due to macroeconomic headwinds and an industry-wide contraction, stemming from the end of the pandemic era.
"Although this slowdown is relatively small (a 3% decrease in Category Leading Games during the quarter) and the situation is not unique to our company, it is important to reverse the trend and return to a period of growth."
The company plans to put two strategies in place to remedy its current situation, one is the systematic investment into game marketing, and the other is focusing investments toward social casino games.
Nikolayev continued: "We are starting to see an uplift in metrics based on these initiatives and, later this month, we will be going live with an important update to Keno Vegas. We see Keno Vegas as a particularly scalable property and have put a product roadmap in place that, we believe, will allow us to significantly grow the game."
Tapinator President Andrew Merkatz added: "Overall market conditions within both the mobile gaming and crypto markets continued to decline in Q3 2022. According to research firm Sensor Tower, mobile spending declined at a rate of 4.8% year-over-year during the third quarter of 2022.
"As discussed previously we are no longer investing in our Rapid Launch Games thus we would expect continued degradation of that revenue stream over time."
The company also revealed it will reduce its focus on NFT publishing due to the volatility of those markets.