Playstudios lifts forecast as it swings to first quarter profit
Social game developer Playstudios has announced its financial results for the first quarter ended March 31, 2021.
Revenue was $74.1 million during the first quarter of 2021, representing an increase of 27.1% year-over-year, compared to $58.3 million during the first quarter of 2020.
Net income was $5.9 million during the first quarter of 2021, representing an increase of 7.8% year-over-year, compared to net income of $5.5 million during the first quarter of 2020. AEBITDA, a non-GAAP financial measure defined below, was $14.5 million during the first quarter of 2021, representing an increase of 7.7% year-over-year, compared to AEBITDA of $13.5 million during the first quarter of 2020.
Andrew Pascal, Chief Executive Officer of Playstudios commented, “2021 is off to a strong start. First quarter revenue growth of 27% has accelerated compared to last year’s levels, driven by the performance of our core portfolio of games. Looking ahead, we expect the results for the rest of 2021 will reflect the combination of the current momentum in our existing portfolio with new game expansions into two of the fastest growing game categories — bingo and idle role-playing games, or RPG.
“During March, we launched myVEGAS Bingo, a game that elevates classic bingo with enhanced social features and the opportunity to earn real-world rewards. While it remains early, initial results are going well. We are also on track to launch Kingdom Boss, our entry into the idle RPG category during the second half of 2021. The entry into these new and rapidly growing categories should allow us to leverage our loyalty mechanics and our player network and enable us to continue to attract, retain, and monetize a growing player base.
“In addition to our 2021 new game launches, looking ahead to the closing of the business combination with Acies and the reopening of the economy, which will reactivate many of the rewards in our playAWARDS program, we feel we are well-positioned to enjoy continued organic growth as well as act on key strategic acquisitions. We are excited by the opportunity to continue to scale our unique playAWARDS loyalty program for the benefit of our shareholders.”