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Global free-to-play game developer and publisher Huuuge, Inc. today announced its financial results for the second quarter of 2024. The company maintained strong cash flow and focused on high profitability despite increased investments in user acquisition and weaker market conditions in the social casino segment.
Q2 2024 financial highlights:
- Revenue: USD $63.4 million, a decrease of 8.4% year-over-year (YoY) and 5.4% quarter-over-quarter (QoQ)
- Adjusted EBITDA: USD $19.4 million, down 29.3% YoY and 11.4% QoQ
- Sales and marketing expenses: USD $15.6m, an increase of 40% YoY and 3.1% QoQ
- Net Income: USD $15.1 million, representing a decline of 30.6% YoY and 8.9% QoQ
- Adjusted EBITDA Margin: 30.7%, down from 39.8% in Q2 2023 and 32.8% in Q1 2024
- Net cash flows from operations: USD $18.3m, down 10.6% YoY and up 27.1% QoQ
- Direct-to-Consumer Revenue: Reached nearly 12% of total revenue in Q2 2024, marking an increase of 108.1% YoY and 35.2% QoQ