PLAYSTUDIOS benefits from lower costs in second quarter

Finance News

PLAYSTUDIOS has announced financial results for the second quarter and six months ended June 30, 2021.

Revenue was $70.8 million during the second quarter of 2021, compared to $77.9 million during the second quarter of 2020. The year-over-year change reflects lift attributable to the stay-at-home restrictions that were in place during the second quarter of 2020. For the six months ended June 30, 2021, revenue grew 6.4% to $144.9 million compared to $136.2 million during the same period in 2020.

Andrew Pascal, Chief Executive Officer of PLAYSTUDIOS, commented, “The first half of 2021 was quite eventful, and significant in positioning the Company for future growth. We completed our public listing, raising $185 million of net primary capital, launched myVEGAS Bingo to a global audience, expanded our rewards catalog with new partners and categories, and recruited key hires in Corporate Development and Talent Management.”

He further added, “On the organic growth front, the initial quarterly results of myVEGAS Bingo are encouraging. We are seeing healthy retention, engagement, and monetization trends. Notwithstanding the current high CPI environment where we are being disciplined and thoughtful around user acquisition, we remain confident that myVEGAS Bingo will be a franchise game. On the external growth front, with the strength of our balance sheet, the proven impact of our playAWARDS program, and the addition of an experienced and capable head of corporate development, we’re poised to execute our M&A plans and more fully realize the power of our unique model.”