Welcome to our dedicated page for Playstudios news (Ticker: MYPS), a resource for investors and traders seeking the latest updates and insights on Playstudios stock.
PLAYSTUDIOS, Inc. develops and publishes free-to-play mobile and social games and reports on player monetization, direct-to-consumer revenue, and conditions in the social casino and casual game markets. Its portfolio includes the Tetris mobile app, Solitaire, Spider Solitaire, Sudoku, myVEGAS Slots, myVEGAS Blackjack, myVEGAS Bingo, POP! Slots, MGM Slots Live, and myKONAMI Slots.
Company updates also cover the playAWARDS and myVIP loyalty platforms, which allow players to earn real-world rewards from hospitality, entertainment, and leisure partners. Recurring themes include sweepstakes-enabled gaming initiatives, casual puzzle development such as Tetris Block Party, cost-reduction actions, platform economics, and player events such as the myVIP World Tournament of Slots.
PLAYSTUDIOS, Inc. (Nasdaq: MYPS), a developer of mobile games offering real-world rewards, will announce its Q2 2022 financial results on August 9, 2022, after market close. The company plans to host a conference call and audio webcast on the same day at 5:00 PM Eastern Time for discussing these results. Access to the live event and a subsequent audio replay will be available on PLAYSTUDIOS' investor relations website. The company is known for its loyalty platform, playAWARDS, and popular games such as Tetris® and myVEGAS Slots.
PLAYSTUDIOS (NASDAQ: MYPS) has introduced a new Clubhouse feature in its myVEGAS Slots app, enhancing social gaming experiences for players. This major update allows players to collaborate, complete missions, and unlock exclusive chip rewards. The feature builds on prior successes in myVEGAS Bingo and POP! Slots, offering expanded opportunities for player engagement. Players can create clubs, invite friends, and track points for rewards within the app. This initiative aims to unify millions of players globally.
PLAYSTUDIOS is reviving its popular Summer of Slots event after a two-year pause, inviting players to join in-person celebrations across multiple locations in North America. Kicking off on June 23, the event will feature games, giveaways, and opportunities for players to exchange loyalty points for tickets. The series includes stops in Las Vegas, Canada, and the East Coast, enhancing player engagement while reinforcing the company's commitment to its gaming community.
PLAYSTUDIOS (NASDAQ: MYPS) has partnered with Big Bus Tours to offer exclusive rewards experiences through its playAWARDS loyalty platform starting May 27. Players can exchange loyalty points for discounted tickets to Big Bus Tours in Las Vegas, featuring a hop-on, hop-off service showcasing the city's attractions. This partnership aims to enhance the rewards portfolio with a range of sightseeing experiences, complementing existing offerings in hotel, dining, and entertainment.
PLAYSTUDIOS, Inc. (NASDAQ: MYPS) announced the results of its offer to purchase outstanding public and private placement warrants at $1.00 each. The offer expired on May 13, 2022, resulting in 1,792,463 public warrants tendered, representing about 25% of the total, while no private placement warrants were submitted. Consequently, the Warrant Amendment to redeem warrants at $0.90 was not approved. The total cash payment for the tendered public warrants will be $1,792,463, to be disbursed promptly.
PLAYSTUDIOS reported Q1 2022 revenue of $70.5 million, a 5% decline from $74.1 million in Q1 2021. The company incurred a net loss of $25.2 million compared to a net income of $5.9 million a year prior. Despite the loss, playAWARDS purchases surged by 54% year-over-year with retail value up by 80%. The company reaffirmed its full-year revenue forecast between $305 million and $325 million, aiming for an AEBITDA of $40 million to $50 million. CEO Andrew Pascal emphasized strategic enhancements and partnerships, particularly for the playAWARDS platform.
PLAYSTUDIOS has partnered with Lighthouse Immersive to enhance its playAWARDS loyalty program, starting with the Immersive Van Gogh exhibit in Las Vegas. Players can now redeem loyalty points for tickets to this unique experience, which utilizes advanced projection technology to showcase the artist's works. The exhibit operates in 14 cities across the U.S. and Canada, aiming to attract a new audience to the arts. This partnership expands PLAYSTUDIOS' offerings alongside renowned brands like MGM and Wolfgang Puck.
PLAYSTUDIOS (NASDAQ: MYPS) has announced an extension of its warrant purchase offer deadline to May 13, 2022, allowing holders more time to participate. The offer encourages the purchase of outstanding public and private placement warrants at $1.00 each. Additionally, the company is seeking consents to amend the Warrant Agreement, permitting a cash redemption of warrants at $0.90, a decrease from the offer price. As of April 27, 2022, 33,606 public warrants were tendered, while no private placement warrants were submitted.
PLAYSTUDIOS (Nasdaq: MYPS) announced it will release Q1 2022 results on May 5, 2022, after market close. A conference call and audio webcast will occur at 5:00 PM Eastern Time on the same date to discuss the results. The investors can access the audio webcast via the PLAYSTUDIOS investor relations website. An audio replay will be available for one year post-call. The company is known for its innovative loyalty marketing platform playAWARDS, offering players real-world rewards from various global brands.
Stephen J. Cloobeck, a major shareholder in Playstudios, has called for the removal of Chairman and CEO Andrew Pascal, citing significant shareholder value erosion and management failures. Cloobeck points to unmet revenue projections, with 2021 revenues at $287 million compared to the expected $328 million, and lowered 2022 guidance of $305 million to $325 million. He criticizes Pascal for mismanagement, including a costly buyback of underwater warrants and failure to deliver on product promises, notably the shelved Kingdom Boss game. Cloobeck urges the Board to act and replace Pascal for better future performance.