Shares of Playtika Holding Corp. PLTK, -11.80% shed 3.1% in premarket trading Tuesday, after the Israel-based mobile games company reported net income that rose nearly four-fold but revenue that came up shy of expectations, and provided a downbeat full-year outlook. Net income rose to $98.6 million, or 20 cents a share, from $25.7 million, or 9 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 22 cents. Revenue grew 5.9% to $676.9 million, just below the FactSet consensus of $679.0 million, as Solitaire Grand Harvest revenue rose 41.7%, Junes Journey revenue increased 30.4% and Caesars Casino revenue grew 8.2%. Average daily payer conversion increased to 3.2% from 2.8%. The company said the quarter began with investment in product roadmaps and new marketing campaigns. For 2022, the company expects revenue of $2.73 billion, below the FactSet consensus of $2.82 billion. The stock has dropped 26.1% year to date through Monday, while the S&P 500 SPX, -3.20% has lost 16.3%.
