Nexters Inc. ( (GDEV) ) has released its Q3 earnings. Here is a breakdown of the information Nexters Inc. presented to its investors.
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GDEV Inc. is an international gaming and entertainment company, focused on developing and growing its franchise portfolio across various genres and platforms, with a significant global presence.
In its latest earnings report for the third quarter of 2024, GDEV Inc. disclosed a modest sequential revenue growth, despite facing industry pressures. Key highlights include strategic updates to core products to enhance the gaming experience and a significant executive appointment with the addition of a new Chief Operating Officer.
Financially, GDEV reported a 5% quarter-over-quarter revenue increase to $111 million, although this represents a 9% decline year-over-year. Marketing expenses surged by 22% year-over-year, reflecting efforts to scale the business, while cost control measures led to a reduction in game operation and administrative expenses. The company reported a net profit of $15 million, down from the previous year, with adjusted EBITDA remaining stable compared to the previous quarter. Notably, the company’s cash position improved, reaching $153 million by the end of the quarter.
Strategically, GDEV initiated an at-the-market offering to increase stock liquidity and appointed Olga Loskutova as COO to help achieve its strategic goals. The company also saw a shift in its geographical revenue distribution, with an increase in European bookings due to targeted campaigns.
Looking ahead, GDEV remains committed to its long-term strategic goals, focusing on product innovation and sustainable growth, while continuing to monitor industry trends and maintain financial discipline.
