Tapinator, Inc. (OTC: TAPM), a publisher of mobile games on the iOS, Google Play and Amazon platforms, today announced financial results and the filing of its quarterly report for the period ended September 30, 2016. "Tapinator demonstrated strong growth in the third quarter of 2016," stated Tapinator CEO, Ilya Nikolayev. "Driven by more than 21 million average monthly active users, our third quarter revenues grew 49% year-over-year to approximately $1,083,000, representing our ninth consecutive quarter of at least double-digit year-over-year revenue growth. Our revenue expansion can be attributed primarily to the broadening of our Rapid-Launch Games portfolio and, within our Full-Featured Games division, to the late Q2 launch of Combo Quest 2 on iOS and the continued growth of our Video Poker Classic title across all major mobile platforms. In addition to our strong revenue growth, Tapinator is also pleased to announce adjusted EBITDA (a non-GAAP earnings measure) of approximately $277,000 in the third quarter of 2016, an increase of 276% year-over-year, and our tenth consecutive quarter of positive adjusted EBITDA.
Read the full Tapinator (TAPM) Press Release at: http://marketnewsupdates.com/news/tapm.html
We were very pleased with our third quarter results as we saw significant year-over-year growth in player engagement, revenue and adjusted EBITDA, combined with increased diversification of our revenue base. However, within our Rapid-Launch business, new player downloads on the Google Play platform slowed, beginning midway through the third quarter, causing us to take a more cautious outlook toward our upcoming fourth quarter performance as more fully described in our Forward Guidance below."
Tapinator (TAPM) Financial Highlights include:
• Quarterly revenues of $1,083,176; up 49% year-over-year
• Nine-month year-to-date revenues of $2,994,262; up 71% year-over-year
• Quarterly adjusted EBITDA* (a non-GAAP measure) of $277,869; up 276% year-over-year
• Nine-month year-to date adjusted EBITDA* (a non-GAAP measure) of $740,490; up 98% year-over-year
• $750,976 in cash and cash equivalents as of September 30, 2016
In other Mobile Gaming financial results in the markets:
Activision Blizzard, Inc. (NASDAQ: ATVI) this month announced better-than-expected financial results for the third quarter of 2016. For the quarter ended September 30, 2016, Activision Blizzard's net revenues presented in accordance with Generally Accepted Accounting Principles ("GAAP") were a third-quarter record $1.57 billion, as compared with $990 million for the third quarter of 2015, an increase of 58%. GAAP net revenues from digital channels were an all-time quarterly record of $1.34 billion, growing 18% quarter-over-quarter and 114% year-over-year. GAAP earnings per diluted share were a third-quarter record $0.26, as compared with $0.17 for the third quarter of 2015, an increase of 53%. On a non-GAAP (redefined) basis, the company's earnings per diluted share were a third-quarter record $0.49, as compared with $0.20 for the third quarter of 2015, an increase of 145%.
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) also earlier this month reported strong results for its fiscal second quarter 2017, ended September 30, 2016. In addition, the Company provided its initial financial outlook for its fiscal third quarter 2017, ending December 31, 2016, and updated its financial outlook for its fiscal year ending March 31, 2017. For fiscal second quarter 2017, net revenue grew 21% to $420.2 million, as compared to $347.0 million for fiscal second quarter 2016. The largest contributors to net revenue in fiscal second quarter 2017 were NBA® 2K16, Grand Theft Auto V® and Grand Theft Auto Online, BioShock®: The Collection, and XCOM® 2.
Zynga Inc. (NASDAQ: ZNGA), a leading social game developer, recently announced financial results for the third quarter ended September 30, 2016. In addition to today's press release, a copy of our Q3 2016 Quarterly Earnings Letter, which outlines our Q3 2016 financial results and business outlook, is available on our website at http://investor.zynga.com. Zynga management will host a live Q&A session at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today to discuss Zynga's Q3 2016 performance. "In Q3, we executed well on our core business and our new launches. Our outperformance in the quarter was due to our over-delivery on CSR2 and advertising.
Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, recently announced financial results for its third quarter ended September 30, 2016. "Our third quarter bookings were driven by the continued traction of Tap Sports Baseball 2016, Cooking Dash 2016 and Racing Rivals, as well as the launch of Gordon Ramsay Dash and ongoing success of Kim Kardashian: Hollywood," stated Niccolo de Masi, Executive Chairman of Glu. "While our third quarter results included royalty impairments from underperforming titles, we believe that we made meaningful progress on our evergreen strategy of deepening monetization of our biggest spenders and most engaged players in our genre-leading live games."
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