Playstudios has released its financial report for the fiscal year’s third quarter. The company reported increases in its overall revenue and net income, when compared to results from one year ago.
During Q3, company revenue grew by more than $3m year-over-year to reach $75.9m. Net income also increased, when compared to results from last year’s third quarter. The company posted $3.8m in net income during Q3 2023.
However, the largest boost during the quarter was in the company’s adjusted EBITDA, which increased year-over-year by nearly $4m to reach $13.5m.
Company Chairman and CEO Andrew Pascal commented further on this quarter’s results by saying, “Year-over-year profitability and margins improved in the third quarter, continuing a trend we’ve seen since the second half of 2022. Compared to Q322, AEBITDA margins grew by 430 basis points in the quarter while total AEBITDA was up 39%.
“Year to date, AEBITDA margins have gained 790 basis points over the prior year comparable period, evidence that our efforts around operational efficiencies, revenue diversification and cost containment are working. We expect gains to continue and we remain focused on reaching margin parity with our peers.”
He went on to add that he is confident upward trends and growth from this quarter will continue.
He said in closing, “While we’ve yet to see the same level of momentum in our top-line revenues, I’m confident in our growth pipeline.
“Specific revenue drivers include further refinements in myVegas Slots and myKonami Slots, the continued scaling up of our early-stage growth games, the introduction of new game titles currently in development and the expansion of our playAwards loyalty marketing platform to external partners.”
