GDEV Inc. Reports Third Quarter 2024 Financial Results
LIMASSOL, Cyprus, Nov. 14, 2024 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ:GDEV), an international gaming and entertainment company, announced its unaudited financial results for the third quarter and first nine months ended September 30, 2024.
Financial Overview
Below are the key financial metrics for GDEV's third quarter:
| Financial Metrics | Q3 2024 | Q3 2023 | Q2 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Total Revenue | $111 million | $122 million | $106 million | -9% | 5% |
| Net Profit | $15 million | $24 million | Not provided | -37.5% | Not calculated |
| Adjusted EBITDA | $16 million | $29 million | $16 million | -44.8% | 0% |
GDEV's revenue for the third quarter of 2024 amounted to $111 million, reflecting a 9% decrease year-over-year but a 5% increase quarter-over-quarter. The net profit declined significantly compared to the previous year, primarily due to increased selling and marketing expenses. Despite a decrease in year-over-year adjusted EBITDA, the figure remained steady from the previous quarter.
Key Developments and Operational Highlights
- Transformation of Core Products : CEO Andrey Fadeev emphasized the ongoing updates to innovate core games, focusing on long-term experience improvements for users.
- Market Strategy : GDEV established an at-the-market offering to improve stock liquidity and increase free float.
- Management Change : Former independent director Olga Loskutova was appointed as the new Chief Operating Officer, enhancing strategic oversight and supporting growth objectives.
Executive Comments
Andrey Fadeev, CEO, highlighted the company’s strategic initiatives amidst industry pressures, focusing on innovation in core products and expanding liquidity through at-the-market offerings. The appointment of Olga Loskutova as COO is aimed at aligning management capabilities with ambitious growth targets.
Share Repurchase Program
GDEV launched an at-the-market offering allowing the sale of up to 1,757,026 ordinary shares from treasury, expected to be effective until sold or for 3 years, whichever is sooner.
Stock Price Movement
Following the earnings release, GDEV's stock experienced a slight decline of approximately 0.54%.
Overall, GDEV Inc.'s third quarter was marked by strategic adjustments in management and market positioning, while facing challenges in maintaining profitability amidst increased expenses.
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