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GDEV: $46m profit in 2023 - up from $7m a year earlier

GDEV, an international gaming and entertainment company based in Limassol, recorded a profit of $46m in 2023, compared with $7m the year before, even though revenue and bookings declined year-over-year.

GDEV released its preliminary unaudited financial and operational results for the fourth quarter and full year ended December 31, 2023.

It said revenue declined 3% y-o-y in 2023, reaching $465m, while bookings declined an annual 6% to $422m.

Nonetheless, GDEV reported a profit of $46m, a considerable increase from $7m recorded in 2022.

The company also reported an adjusted EBITDA of $43m in 2023 compared to $96m in 2022.

For the fourth quarter of 2023, GDEV had revenue of $109m (up 10% y-o-y), while its bookings increased 4% to $106m. Its Q4 profit was $11m, compared with a $77m loss in the fourth quarter of 2022.

Its adjusted EBITDA for the quarter was at $10m, compared to a negative $9m in Q4 of 2022.

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