Playtika Holding Corp. Reports Q2 2024 Financial Results

Financial Performance - Revenue for the second quarter was $627.0 million, representing a decrease of 3.7% sequentially and 2.5% year over year [2] - Direct-to-Consumer (DTC) revenue was $173.7 million, with a sequential increase of 1.3% and a year-over-year increase of 5.1% [2] - Net income reached $86.6 million, showing a significant sequential increase of 63.4% and a year-over-year increase of 14.4% [2] - Credit Adjusted EBITDA was $191.0 million, which increased by 2.9% sequentially but decreased by 11.2% year over year [2] Operational Metrics - Average Daily Paying Users decreased to 298K, down 3.6% sequentially and 2.9% year over year [4] - Average Payer Conversion improved to 3.7%, up from 3.5% in Q1 and 3.6% in Q2 2023 [4] - Revenue from casual games decreased by 4.3% sequentially and 1.7% year over year [4] - Revenue from social casino-themed games decreased by 2.9% sequentially and 3.4% year over year [4] Strategic Initiatives - The company is focused on revitalizing its game portfolio and is pursuing opportunities for mergers and acquisitions to broaden its game offerings [3] - Management emphasized a disciplined approach to managing operating expenses, which has led to improved margins [3] Dividend Announcement - The Board of Directors declared a cash dividend of $0.10 per share, payable on October 4, 2024, to stockholders of record as of September 20, 2024 [5] Financial Outlook - For the full year 2024, the company expects revenue to be toward the bottom end of the previously provided range of $2.52 - $2.62 billion [6] - Credit Adjusted EBITDA is expected to be in the middle of the previously provided range of $730 - $770 million [6]