Playtika Holdings has released financial results for its first quarter for the period ending March 31, 2023.

Revenue of $656.2 million increased 4.0% sequentially and decreased (3.1)% year over year. DTC platforms revenue of $151.5 million increased 0.9% sequentially and decreased (0.6)% year over year. Net income of $84.1 million decreased (3.9)% sequentially and increased 1.1% year over year.

Credit Adjusted EBITDA of $222.7 million increased 9.9% sequentially and 12.8% year over year. Cash and cash equivalents totaled $767.2 million as of March 31, 2023.

“Playtika continues to deliver personalized immersive entertainment experiences enjoyed by millions of players each day across our diverse portfolio of games,” said Robert Antokol, Chief Executive Officer of Playtika. “Our unrivaled LiveOps expertise along with our robust tech stack, including our AI powered Digital Studio, delivers unique capabilities to drive efficiencies and optimize the player experience, resulting in increased conversion and organic, sequential growth.”

“The strategic decisions we made last year propelled us to enhance our margin profile while growing revenues sequentially,” said Craig Abrahams, President and Chief Financial Officer. “We will continue to efficiently invest in our technology while maximizing ROI across our portfolio, positioning ourselves to outperform in the years to come.”