Playtika has released its financial results for the first quarter of 2024, seeing a 2.1% increase from the previous quarter with $651.2 million.

Playtika Release Financial Results For First Quarter Of 2024

Despite accumulating a revenue of $651.2m in Q1 of 2024, Playtika, who create some of the best online gambling sites, suffered a minor decrease compared to the same period in 2023 – dropping by 0.8%

When looking into different aspects of the revenue, the direct-to-consumer sector added a $171.5m and increased by 6.1% from the previous quarter.

GAAP net income at Playtika finished on $53m, which was a 42.1% increase from the previous quarter, but was a 37% drop from 2023.

Adjusted EBITDA dropped by 16.7% from 2023, reaching $185.6m and net income also decreased from 12.8% to 8.1%.

CEO of Playtika, Robert Antokol, spoke about the financial results from Q1 of 2024 and claimed actions were being taken to reach certain objectives.

He said (Via Playtika): “We are fully committed to execution, building on our operational advancements.

“The actions we are taking, including restructuring our executive team and streamlining leadership, are designed to position us to return to growth in the mobile gaming sector, enhancing decision-making and creating the potential for increased value for our players and shareholders.”

President and CFO of Playtika, Craig Abrahams, highlighted the direct-to-consumer area as a successful sector for Playtika and believes the company can deliver to shareholders.

He said (Via Playtika): “Our direct-to-consumer business continues to show strength, driven by our focused efforts on player retention and the longevity of our players in our new online slot games.

“Additionally, our inaugural share repurchase authorization is consistent with our previously announced capital allocation principles, emphasizing our ongoing commitment to delivering shareholder value.”

For the remainder of 2024, Playtika has revealed that revenue should be between $2.52bn – $2.62bn, and adjusted EBITDA should end in the range of $730-$770m.

The company ended 2023 by looking to strengthen for 2024, after hiring a new Chief Human Resources Officer and Executive VP and Head of Communications.