PLAYSTUDIOS Q4 Loss Narrows, Revenue Declines; Plans Job Cuts

MT Newswires Live03-17

PLAYSTUDIOS (MYPS) reported a Q4 loss late Monday of $0.11 per diluted share, narrowing from a loss of $0.18 a year earlier.

Four analysts surveyed by FactSet expected a loss of $0.04.

Revenue for the three months ended Dec. 31 was $55.4 million, down from $67.8 million a year earlier.

Analysts polled by FactSet expected $56.2 million.

The company said it initiated a second stage of its reinvention program, which includes the closure of four studios, downsizing workforce by 177 positions, combining select technologies, and reducing marketing spend. These initiatives are expected to generate $33 million to $39 million of annualized savings, the company added.

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