Playtika reported financial results for the first quarter that topped last year’s performance today. But its stock price fell 5% in early trading after the company’s first quarterly report as a public company.

First quarter revenue was $638.9 million compared to $534.2 million in the prior year period. Net income was $35.7 million compared to $35.8 million in the prior year period. Adjusted EBITDA, a non-GAAP financial measure defined below, was $258.0 million compared to $186.1 million in the prior year period.

Playtika also refinanced part of its $3 billion in debt, cutting costs by an estimated $80 million, and it increased its outlook for 2021 results.

“We kicked off 2021 with a very robust first quarter,” said Robert Antokol, Chief Executive Officer of Playtika. “Our Boost technology platform powers our best-in-class Live Operations, allowing Playtika to continually drive fresh content to our players. Our focus on data-driven game management, assisted by our impactful marketing campaigns, resulted in our impressive revenue growth. We are excited with our results and look forward to leveraging this success throughout the year.”

“Our business displayed excellent momentum in the first quarter, and we experienced strong performance across all parts of our company,” said Craig Abrahams, President and Chief Financial Officer. “We continue to innovate within our portfolio of game franchises and delivered excellent organic revenue growth with over 40% Adjusted EBITDA margins in the quarter. We are pleased to be able to increase our financial outlook for the year, particularly of the target milestone of delivering $1 billion in adjusted EBITDA for 2021.”