SciPlay, an operator bringing engaging and thrilling casino, casual and bingo mobile social games, has posted its Q2 results. The company’s report shows it earned $160.1 million for the quarter.
SciPlay Posted Its Q2 Results
SciPlay earned $160.1 million during the second quarter of the year, the company reported. This number represents a 4% year-on-year increase.
Despite that, the overall net income decreased because of higher expenses. SciPlay reported $32.3 million in net income for the period, which is over five million lower than Q2 2021’s $37.9 million. Net cash from operating activities was over $11 million down on last year’s $37.6 million.
SciPlay’s share price, on the other hand, continues to fluctuate with various ups and downs. As of the time of this writing, a single share costs $12.28, which is a 27.5% year-on-year decrease.
Meanwhile, the company’s adjusted EBITDA dropped from $47.9 million to $41.1 million. Despite the hurdles, the company seems to be glad about its results. Other than the fiscal numbers, the company reported various milestones.
For example, SciPlay’s Quick Hit Slots enjoyed record revenue for the second quarter in a row. In addition, the company’s mobile penetration increased to 90% (a 2% increase from last year’s results). Lastly, the overall number of monthly paying users increased substantially from 500,000 to 600,000.
The Executives Are Happy
Josh Wilson, chief executive officer of SciPlay, shared his thoughts on the results. He said that his team is thrilled by the progress and the company’s continued momentum. Wilson congratulated the company’s teams that have remained “laser-focused” on executing SciPlay’s strategy. Wilson also noted that thanks to this, the company is now poised to capitalize on the opportunities ahead.
We grew market share in the quarter, once again outperforming the social casino market. Our core business remains healthy even in a seasonally soft quarter, and we continue to progress on the integration of Alictus with the studio launching a number of new games in the quarter.
Josh Wilson, CEO, SciPlay
Daniel O’Quinn, SciPlay’s interim chief financial officer, also spoke on the Q2 results. He called the period “a solid quarter” and congratulated his colleagues on delivering year-over-year revenue growth. O’Quinn mentioned that it is amazing to see the company’s investments pay off as its teams continue to deliver strong engagement and monetization metrics.
Our highly cash generative business, coupled with a very strong balance sheet, allowed us to invest in our future while at the same time return capital to shareholders.
Daniel O’Quinn, interim CFO, Sciplay
SciPlay recently launched a new ad campaign featuring the famous actress Sofia Vergara.