Playtika the international gaming giant increased revenues by 2.1% to $171.5 million

Playtika, the international gaming giant, published its financial results for the first quarter of 2024, which ended on March 31, 2024. The data showed that although revenues increased by 2.1% compared to the previous quarter, compared to the same period last year, they decreased by 0.8%. In total, the company brought in an amount of about 651.2 million dollars.
The revenues from the DTC platform amounting to $171.5 million increased by 6.1% compared to the previous quarter, and even increased by 13.2% compared to the same period last year. The net profit amounted to 53 million dollars (an increase of 42.1% compared to the previous quarter), but decreased by 37% compared to the corresponding period last year. The company's cash value amounted to one billion dollars, as of the last day of the quarter.
The revenues from the casual games increased by 2.9% compared to the previous quarter and increased by 1.3% compared to the same period last year. Revenues from casino-type social games increased by 1.4% compared to the previous quarter and decreased by 3.5% compared to the same period last year.
Bingo Blitz game revenue of $157.5 million increased 4.8% compared to the previous quarter and decreased 1.0% compared to the same period last year. Revenue from the Solitaire Grand Harvest game totaling $77.8 million increased by 2.7% compared to the previous quarter and decreased by 8.9% compared to the same period last year. Revenues from the Slotomania game amounting to $135.4 million decreased by 1.1% compared to the previous quarter and decreased by 7.6% compared to the same period last year.
The report stated that the company's board of directors declared a cash dividend of $0.10 per share, which will be paid on July 5, 2024 to the shareholders who were registered as of the close of business on June 21, 2024. Also, the company's board of directors approved a share buyback plan of up to 150 million dollars of the company's common stock.
The purchase plan is intended to provide the company with the ability to offset the dilutive effects of share capital granted to the company's directors, officers and employees. Looking to the future, the company expects that it will close the year 2024 with revenues in the range of 2.520-2.620 billion dollars, adjusted EBITDA between 730-770 million dollars. We anticipate capital expenditures in the range of $110-115 million.
Robert Antokol, CEO of Playtica: "We are fully committed to strong performance based on our operational progress. The actions we are taking, including changing our management structure and streamlining senior leadership positions, are designed to position the company to return to growth in the mobile gaming sector, to improve decision-making and create the potential to increase value for our players and shareholders."
Craig Abrahams President and Chief Financial Officer: "Direct-to-consumer (DTC) business continues to show strength and is driven by our focused efforts to retain players and extend their time in the game." He further added: "The approval of a share buyback plan is consistent with the presentation of our capital allocation framework, which we announced at the beginning of the year, and emphasizes our ongoing commitment to provide value to shareholders."