PLAYSTUDIOS Inc (MYPS) Reports Q3 2023 Earnings: Revenue Up 5.2% YoY, Net Income Rises to $3. ...
PLAYSTUDIOS Inc (NASDAQ:MYPS) reported Q3 2023 revenue of $75.9 million, a 5.2% increase from $72.1 million in Q3 2022.
The company's net income for Q3 2023 was $3.8 million, up from $3.6 million in the same period last year.
AEBITDA for Q3 2023 was $13.5 million, a significant increase from $9.8 million in Q3 2022.
PLAYSTUDIOS Inc (NASDAQ:MYPS) had a net cash balance of $130 million as of September 30, 2023.
PLAYSTUDIOS Inc (NASDAQ:MYPS), a leading developer and publisher of free-to-play mobile and social games, announced its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a year-over-year increase in revenue, net income, and AEBITDA.
Financial Performance
PLAYSTUDIOS Inc (NASDAQ:MYPS) reported revenue of $75.9 million during the third quarter of 2023, a 5.2% increase from $72.1 million during the third quarter of 2022. The company's net income was $3.8 million during the third quarter of 2023, compared to $3.6 million during the third quarter of 2022. AEBITDA, a non-GAAP financial measure, was $13.5 million during the third quarter of 2023, compared to $9.8 million during the third quarter of 2022.
Andrew Pascal, Chairman and Chief Executive Officer of PLAYSTUDIOS, commented, Year-over-year profitability and margins improved in the third quarter, continuing a trend weve seen since the second half of 2022. Compared to 3Q22, AEBITDA margins grew by 430 basis points in the quarter while total AEBITDA was up 39%."
Operational Highlights
The company's growth games, including Tetris, myVEGAS Bingo, MGM Slots Live, and the Brainium suite, performed well in the quarter. PLAYSTUDIOS is focused on expanding the Tetris universe and developing new Tetris titles. The company is also working on integrating the playAWARDS loyalty platform under the player-facing myVIP brand to improve monetization.
Financial Position
As of September 30, 2023, PLAYSTUDIOS had a net cash balance of $130 million and full availability on its $81 million loan facility. The company did not repurchase any stock in the open market during the quarter. On November 1, 2023, the Board extended the share repurchase authorization through November 10, 2024, and increased the total amount authorized to $50 million, up from $30 million remaining under the previous authorization.
Outlook
The Company is increasing its 2023 AEBITDA guidance to $60 million from the previous range of $55 to $60 million. 2023 Revenue guidance is now $305 to $315 million, compared to the previous guidance of $305 to $325 million.
Explore the complete 8-K earnings release (here) from PLAYSTUDIOS Inc for further details.
This article first appeared on GuruFocus.
