Despite experiencing a significant drop in adjusted EBITDA and net profit in the first quarter of 2024, online gaming company Playtika remains committed to its restructuring efforts. The company reported a revenue of $651.2 million for the three months ending March 31, marking a 1.9% decrease compared to the previous year. Net profit saw a more substantial decline of 17.9%.
Although Playtika did not disclose revenue figures from third-party sources, this segment represented its largest revenue stream in 2023, despite experiencing a 4% decline. This decline primarily contributed to the overall decrease in revenue for the NASDAQ-traded company last year. Playtika has been facing challenges in accelerating revenue growth faster than its expenditure rate since 2022.
Considering all revenue streams, Playtika's net income amounted to $53 million, reflecting a significant decrease of 36.9% compared to the previous year. Additionally, loan-adjusted EBITDA for the first quarter was $185.6 million, indicating a decline of 1.7% compared to the previous quarter and 16.7% year-over-year.
