Overview
Playstudios Q3 revenue of $57.6 mln missed analyst expectations
Net loss for Q3 widened to $9.1 mln from $3.1 mln last year
Direct-to-consumer revenue increased by 48% yr/yr in Q3
Outlook
Company expects full-year revenue and AEBITDA below previous guidance due to player activity softness
Company focuses on direct-to-consumer growth and new initiatives like Tetris Block Party
Result Drivers
DIRECT-TO-CONSUMER GROWTH - Direct-to-consumer revenue rose 48% yr/yr, indicating traction in this channel
MARKET HEADWINDS - Core social casino business faced significant market challenges, per CEO Andrew Pascal
STRATEGIC INITIATIVES - Progress in sweepstakes and Tetris Block Party seen as promising, per CEO Andrew Pascal
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $57.65 mln | $58.77 mln (5 Analysts) |
Q3 EPS | -$0.07 | ||
Q3 Net Income | -$9.12 mln | ||
Q3 Adjusted EBITDA Margin | 12.6% | ||
Q3 Pretax Profit | -$8.82 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the software peer group is "buy"
Wall Street's median 12-month price target for PLAYSTUDIOS Inc is $2.00, about 53.5% above its October 31 closing price of $0.93
Press Release: ID:nBw8wwzVha
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)