{"id":254,"date":"2024-06-27T03:38:19","date_gmt":"2024-06-27T00:38:19","guid":{"rendered":"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/27\/playtikas-third-quarter-results-show-revenue-decline-but-company-remains-committed-to-full-year-earnings-projections\/"},"modified":"2024-06-27T03:38:19","modified_gmt":"2024-06-27T00:38:19","slug":"playtikas-third-quarter-results-show-revenue-decline-but-company-remains-committed-to-full-year-earnings-projections","status":"publish","type":"post","link":"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/27\/playtikas-third-quarter-results-show-revenue-decline-but-company-remains-committed-to-full-year-earnings-projections\/","title":{"rendered":"Playtika&#8217;s Third-Quarter Results Show Revenue Decline, But Company Remains Committed to Full-Year Earnings Projections"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/xO4Vj-VZQoo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Although Playtika&#8217;s third-quarter results were less than stellar, the company remains committed to its full-year earnings projections.<\/p>\n<p>The social gaming company anticipates achieving its adjusted EBITDA goal, despite revising its revenue forecast downward following a decrease in third-quarter revenue.<\/p>\n<p>Playtika, notwithstanding the third-quarter downturn, maintains confidence in its full-year earnings outlook.<\/p>\n<p>Revenue for the three-month period ending September 30 reached $630.1 million (\u00a3513.9 million\/\u20ac590.3 million), representing a 2.7% decline compared to the same period in the previous year. Playtika attributed this decrease to performance declines across several of its business units.<\/p>\n<p>While Playtika now anticipates a reduction in full-year revenue, the company remains optimistic about profitability. Several recent developments within the business will also bolster its long-term growth strategies. At the conclusion of the third quarter, Playtika finalized a $300 million acquisition of Innplay Labs. In August, the company also completed a transaction to acquire the Youda Games content portfolio from Azerion.<\/p>\n<p>These acquisitions follow Playtika&#8217;s unsuccessful bid for Rovio Entertainment, the developer of the Angry Birds franchise. Playtika submitted multiple offers for Rovio but ultimately withdrew from the bidding process. Sega Sammy ultimately acquired Rovio in August.<\/p>\n<p>As Playtika endeavors to penetrate new markets through strategic acquisitions, President and CFO Craig Abrahams stated that this will support the business&#8217;s growth plans in the fourth quarter and beyond. <\/p>\n<p>By means of effective leadership, we continue to produce substantial free cash flow and maintain a healthy adjusted EBITDA margin, enabling us to invest in strategically significant high-return ventures, such as our recent acquisitions of InnPlay Labs and Youda Games,&#8221; stated Abraham.<\/p>\n<p>&#8220;We will persist in concentrating on leveraging our expertise and real-time operations to enhance games and improve the player experience.&#8221;<\/p>\n<p>Playtika&#8217;s third-quarter segment performance was varied.<\/p>\n<p>Examining the third quarter, although Playtika has not yet disclosed complete financial segment data, it has released information regarding segment performance. Revenue in several core business areas decreased compared to the same period last year.<\/p>\n<p>Casual game revenue remained stable year-over-year, but social casino-themed revenue decreased by 6.6%. Bingo Blitz revenue also declined by 4.6%, while Slots Mania revenue decreased by 1.9%, although Card Crawl revenue increased by 13.7%.<\/p>\n<p>Playtika also observed that average daily paying users decreased by 3.5% to 299,000, but average paying user conversion rate improved by 3.4% in the third quarter.<\/p>\n<p>Net profit fell 45% to \u20ac34.9 million.<\/p>\n<p>Despite the group&#8217;s revenue decline, expenses increased. Operating costs rose 4.6% to $540.1 million. Playtika&#8217;s largest expense in the third quarter was cost of revenue, at $173.9 million.<\/p>\n<p>Interest and other net expenses reached $25.2 million, resulting in a pre-tax profit of $64.8 million, down 39.7% year-over-year. Playtika paid $26.9 million in taxes and recorded a negative foreign currency translation of $4.1 million. It was able to recover some funds, receiving $1. <\/p>\n<p>Playtikass derivative fair value change income was $100 million.<\/p>\n<p>Consequently, third-quarter net profit reached $34.9 million, a decrease of 45.6% compared to 2022. However, credit-adjusted EBITDA rose by 1.0% to $205.6 million.<\/p>\n<p>Revenue thus far is slightly below $2 billion.<br \/>\nRevenue for the nine months ending September 30 was \u20ac1.93 billion, a rise of 2.8% compared to the same period in 2022.<\/p>\n<p>Operating expenses decreased by 5.7% to $1.55 billion, and other expenses reached $76.9 million. This resulted in Playtikass pre-tax profit of $304.7 million, an increase of 13.3%.<\/p>\n<p>Playtika paid $107 million in income tax and recorded a negative foreign exchange translation of $1.2 million. Similarly, it was partially offset by derivative fair value change income, which reached $6.9 million in the current period.<\/p>\n<p>This indicates that net profit so far is $204.6 million, an increase of 11.6%. Additionally, credit-adjusted EBITDA rose by 6.8% to $643.3 million.<\/p>\n<p>Playtika lowered its full-year revenue forecast.<br \/>\nBased on third-quarter performance, Playtika revised its revenue forecast and now expects it to be between $2.55 billion and $2.57 billion. This is lower than the $2.57 billion to $2.62 billion forecast in the second quarter.<\/p>\n<p>However, the full-year credit-adjusted EBITDA guidance has been increased to between $825 million and $832 million. This is higher than the $805 million to $830 million range announced in the second quarter.<\/p>\n<p>In announcing its third-quarter results, Playtika CEO Robert Antokol took the opportunity to acknowledge the team and their work in the context of the ongoing conflict in the Gaza Strip. Playtika is headquartered in Tel Aviv, Israel. <\/p>\n<p>Playtika is dedicated to ensuring smooth operations and providing top-notch, captivating gaming experiences, even when faced with obstacles, according to Antokol. Playtika&#8217;s core principles are flexibility, adaptability, and success. <\/p>\n<p>Playtika&#8217;s teams in Israel and around the world are committed to achieving their goals, serving their players, and generating value for their investors.<\/p>\n<p>Sign up for the iGaming News Bulletin. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Playtika&#8217;s third-quarter results were less than stellar, the company remains committed to its full-year earnings projections. The social gaming company anticipates achieving its adjusted [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Playtika Adjusts Revenue Forecast, But Earnings Outlook Remains Strong<\/title>\n<meta name=\"description\" content=\"Despite a dip in third-quarter revenue, Playtika remains confident in its full-year earnings projections, driven by its commitment to adjusted EBITDA.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/27\/playtikas-third-quarter-results-show-revenue-decline-but-company-remains-committed-to-full-year-earnings-projections\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Playtika&#039;s Third-Quarter Results Show Revenue Decline, But Company Remains Committed to Full-Year Earnings Projections\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Despite a dip in third-quarter revenue, Playtika remains confident in its full-year earnings projections, driven by its commitment to adjusted EBITDA.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/27\/playtikas-third-quarter-results-show-revenue-decline-but-company-remains-committed-to-full-year-earnings-projections\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Where Casino Enthusiasts Unite for Secure &amp; 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