Israeli mobile gaming company Playtika Holding Corp. (Nasdaq: PLTK) has seen its stock plunge 25% on Wall Street after publishing weaker than expected financial results for the third quarter of 2021. The company's share price is currently down 25.27% at $22.06, meaning that about $3 billion has been wiped off its market cap, which is now about $9.1 billion.
Playtika missed the analysts' forecasts with revenue of $636 million, in the third quarter of 2021, below the analysts' expectations of $661 million and non-GAAP earnings per share of $0.20, compared with the analysts' expectations of $0.25 per share.
Herzliya-based Playtika also cut its guidance for 2021, lowering revenue expectations from $2.6 billion to $2.57 billion and adjusted EBITDA from $1 billion to $980 million.
Playtika cofounder and CEO Robert Antokol said, "The third quarter presented opportunities for us to make product investments and set the stage for growth in 2022 and beyond. We completed a substantial acquisition, globally launched an exciting new title, and continue to expand into evergreen categories with the soft launch of Merge Stories last week. We remain highly focused on implementing new features and campaigns to continue to grow our business."
Published by Globes, Israel business news - en.globes.co.il - on November 3, 2021.
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