Q2 2024 GDEV Inc Earnings Call Transcript
Key Points
- GDEV Inc (GDEV) reported a profit of $15 million for the second quarter of 2024, with adjusted EBITDA increasing slightly compared to the same period in 2023.
- The company has a strong cash position of $140 million, providing a solid foundation for future development.
- GDEV Inc (GDEV) has successfully optimized costs, reducing game operation costs by $2 million and selling and marketing expenses by $3 million in Q2 2024.
- The launch of Pixel Gun 3D on Steam showed promising results, with a 10% year-over-year increase in monthly active users and a 45% increase in monthly paying users.
- Hero Wars franchise experienced a significant boost in brand visibility and player engagement due to a successful collaboration with Lara Croft, resulting in increased search interest and new player acquisition.
- Revenue for Q2 2024 decreased to $106 million from $115 million in the same period of 2023, primarily due to a decline in deferred revenue recognition.
- Bookings decreased by 3% year-over-year, mainly due to a decline in advertising revenue.
- Monthly active users and monthly paying users across all games declined by 3% year-over-year.
- The company has not heavily invested in user acquisition in recent years, impacting bookings growth.
- There are concerns about the liquidity of GDEV Inc (GDEV)'s stock, with limited trading activity and visibility in the market.
Hello everyone from the sunny island of Cyprus. And thank you for joining us today on the second quarter 2024 earnings results presentation for GVEV Inc. On today's call, our presenters will be Andrey Fadeev, Founder and CEO; Alexander Karavaev, Chief Financial Officer and me Roman Safiyulin, Chief Corporate Development Officer.
Before we get started, I would like to remind you that today's discussion may contain forward-looking statements which may not develop as we currently expect. We have posted a supplementary presentation at gdev.inc, which contains information and precautionary warnings on forward-looking statements as well as our non-IFRS financial measures, and we will also post our prepared remarks. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC.
With that, I'll pass it over to Andrey.
Andrey Fadeev, CEO, Founder of this machine, it's me. And we
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