PALM BEACH, Florida, March 29, 2017 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The mobile gaming sector continues to see a high volume of sales and revenue increases as consumers pour more and more dollars into online, video, mobile games and apps. Gaming companies such as Tapinator, Inc. (OTC: TAPM), Glu Mobile Inc. (NASDAQ: GLUU), Scientific Games Corporation (NASDAQ: SGMS), Zynga Inc. (NASDAQ: ZNGA) and Activision Blizzard, Inc. (NASDAQ: ATVI) are prime examples as their respective online, digital and mobile games continues to grow.
Tapinator, Inc. (OTC: TAPM), a developer and publisher of mobile games, today announced financial results for the period ended December 31, 2016, and the filing of its annual report and audited financial statements for the years ended December 31, 2016 and 2015. 2016 Revenues of $3.73 Million, an Increase of 52% Year-Over-Year. The annual report and audited financial statements may be found at http://www.otcmarkets.com/stock/TAPM/filings.
"Tapinator continued to show healthy top-line growth in the fourth quarter of 2016," stated Tapinator President, Andrew Merkatz. "While our fourth quarter revenues grew 7% year-over-year in the period, our bookings (a non-GAAP measure) grew 19% during the same comparative period to approximately $823,000, representing our tenth consecutive quarter of at least double-digit year-over-year bookings growth. The growing contribution of in-app purchases to our overall revenue mix necessitated our adoption of a new revenue recognition policy during the fourth quarter of 2016, resulting in the deferral of meaningful GAAP revenue during the period. Read the full report and more news for Tapinator at: http://marketnewsupdates.com/news/tapm.html.
While this new policy is explained in greater detail within the notes to our 2016 audited financial statements, it is important to note that bookings, as opposed to revenue, is the fundamental top-line metric that we use to manage our business, as we believe that it is the most useful indicator of our sales activity in a given period. Over the long term, the factors impacting our bookings and revenue are the same. However, in the short term, there are factors that may cause revenue to exceed or be less than bookings in any period. Both our revenue and bookings expansion in the fourth quarter can be attributed primarily to our Full-Featured Games business, an area that we believe will become increasingly meaningful to the Company as we move forward. While our Rapid-Launch Games portfolio continues to play an important role within our overall business, the long-term strategy that we have communicated is rooted in our continued investment into a select number of full-featured gaming titles that we believe have significant franchise potential. Tapinator also recorded adjusted EBITDA (a non-GAAP measure) of approximately $130,000 in the fourth quarter of 2016, a decrease of 13% year-over-year, but representing our eleventh consecutive quarter of positive adjusted EBITDA.
For the year ended December 31, 2016, Tapinator achieved revenue of approximately $3.73 million, bookings of $3.82 million, and adjusted EBITDA of approximately $871,000, representing year-over-year growth rates of 52%, 56%, and 67%, respectively."
Glu Mobile Inc. (NASDAQ: GLUU) closed up slightly on Tuesday at $2.22 trading over 6.9 Million shares by the market close. Glu Mobile is a leading global developer and publisher of free-to-play mobile games. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, COOKING DASH, COVET FASHION, DEER HUNTER, DESIGN HOME, QUIZUP, RACING RIVALS, and TAP SPORTS BASEBALL, and branded IP games including GORDON RAMSAY DASH, KENDALL & KYLIE, and KIM KARDASHIAN: HOLLYWOOD on the App Store, Google Play and Amazon Appstore.
Scientific Games Corporation (NASDAQ: SGMS) closed up on Tuesday at $22.70 trading over 4.1 Million shares by the market close. Scientific Games will showcase the industry's most expansive portfolio of gaming technology solutions for tribal casinos at the National Indian Gaming Association's Indian Gaming Tradeshow & Convention ("NIGA") 2017, April 12-13 in San Diego, California.
Zynga Inc. (NASDAQ: ZNGA) closed up slightly on Tuesday at $2.82 trading over 6.8 Million shares by the market close. Zynga, a leading social game developer, this month announced the launch of Boggle With Friends, the company's latest addition to their With Friends games collection, which includes Words With Friends, one of the world's most popular word games. Developed in collaboration with Hasbro, Inc., (HAS), the free-to-play game is available today on the App Store for iPhone and iPad and on Google Play for Android devices.
Activision Blizzard, Inc. (NASDAQ: ATVI) closed up slight on Tuesday at $49.76 trading over 11.6 Million shares by the market close. With internationally acclaimed franchises such as World of Warcraft® and Overwatch®, Blizzard Entertainment is known for creating larger-than-life fantasy and sci-fi settings and characters that have been enjoyed by millions. The company is pleased to announce yesterday the creation of Blizzard Collectibles, a new line of premium statues, replicas, and artwork designed and produced directly by Blizzard. Blizzard Entertainment, Inc., a division of Activision Blizzard (ATVI), is a premier developer and publisher of entertainment software renowned for creating some of the industry's most critically acclaimed games.
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