Playtica reports revenue of $ 639 million in the first quarter

Playtica reports revenue of $ 639 million in the first quarter of 2021, compared to revenue of $ 534 million in the same quarter in 2020. Net income remained unchanged at $ 35.7 million in the first quarter of 2021 compared to $ 35.8 million in the same quarter in 2020.
The company reported adjusted operating income (EBITDA) of $ 258 million in the first quarter of 2021, compared to adjusted EBITDA of $ 186 million in the same quarter in 2020. Adjusted EBITDA is defined by the Company as net profit before interest expenses, taxes, depreciation and amortization, share-based compensation, acquisition-related expenses and other expenses. This is a figure that should better reflect the company's cash flow. The company's stock is down 4.5% on Wall Street.
The company expects its revenue in 2021 as a whole to total $ 2.6 billion and adjusted EBITDA to total $ 1 billion, compared to revenue of $ 2.44 billion and adjusted EBITDA of $ 920 million in 2020.
Playtica develops mobile games and about 60% of its revenue comes from games that simulate gambling games such as a slot machine or poker. The company reported a 30% increase in revenue from casual games - games that are being developed to get wide. The company reported a 60% increase in revenue from the Solitaire Grand Harvest game, and a 40% increase in revenue from the Bingo Blitz game.
Playtica was founded as an Israeli company by Robert Antokol, the company's CEO, and Uri Shachak in 2010, but was sold within eight months to the American casino chain Caesars Entertainment at a value of $ 160 million. In 2016, control of Playtica was acquired by a Chinese consortium led by Giant Interactive for $ 4.4 billion in cash. In January 2021, the company raised $ 1.88 billion, of which $ 500 million went into the company's coffers and the rest through the sale of existing shares, in an IPO on NASDAQ.