Las Vegas-based PLAYSTUDIOS, Inc. best known for free-to-play mobile games and playAWARDS, shared financial results for the third quarter ended on September 30, 2022.
Related: Playstudios to venture into Web3 with blockchain division and a $10M fund
The financial report shows an increase in revenue compared to Q3 2021, going up from $70.6 million to $72.1 million, while net income drops from $11.2 million to $3.6 million. AEBITDA also increased to $9.8 million compared to last year’s $9.6 million.
Chief Executive Officer of Playstudios Andrew Pascal said, “We had a strong third quarter and I’m proud of how our team performed. Results showed both annual and quarterly momentum, with many of our recent initiatives beginning to bear fruit. Against an economic and industry backdrop that remains challenging, we believe our performance is particularly noteworthy.”
Playstudios also shared recent business highlights in the report. The company has completed the transformative acquisition of Brainium, the casual mobile company game developer. The Portland-based studio was founded in 2008 and acquired by Playstudios in October 2022.
The gaming entity also shared information about studios in Vietnam and Serbia, which now account for nearly 40% of total development capacity. The company plans to continue to scale in those regions.
Playstudios acquired the rights to make a mobile Tetris game nearly a year ago and early in August and shared that considerable technological and design progress was made on two new internal game initiatives; Tetris and myVEGAS Bingo. Both games are showing improving metrics and are primed to be positive contributors in 2023.