H1’s net income increased by more than 62% in Q2, despite recording a loss during that time period.
Tapinator’s net loss for Q2 was $76,605. The company suffered an improvement from its previous quarter whe.
Maintaining this positive trend will be key to Tapinator success going forward.
The developer’s revenue in the second quarter fell 2% year-on-year to $1.4m, with their earnings comfortably above what was generated last month and up slightly on 2020 figures.
The company’s operating income dropped 34% from $263,388 to 172k and that had an impact on Tapinator’s bottom line too.
Tapinator CEO Ilya Nikolayev attributes the company’s recent downturn to “macroeconomic headwinds, alongside industry-wide slowdowns. This is compared unfavourably with Tapinator pandemic era growth.”
Fortunately, our team was able to turn things around in late 2021 with strong growth across all of our businesses. We experienced some fluctuations this quarter as macroeconomic headwinds and industry-wide slowdowns took their toll on both mobile gaming revenue streams but also NFT collection publishing efforts – something which is not surprising given how recently the pandemic ended!
Andrew Merkatz, President of Tapinator said that overall market conditions within both mobile gaming and crypto markets deteriorated significantly in Q2 2022.
In the second quarter of this year, Tapinator dipped into red but thanks to its first quarter growth it was able publish a net loss for that period.
The company’s revenue for Q1 was 38% higher than last year, which is what caused an improved half-year performance. Tapinator’s second quarter brings them to $3m total so far in H1 with a 17 percent increase over 2017.
A report by Bloomberg noted that despite uncertainty within the U$ policy landscape investors are still optimistic about consumer internet companies due their ability adapt quickly enough before major changes take place.
The developer’s half-year net income grew by 62%, rising from $453,446 to 733224. On the mobile gaming side we continue have multi year conviction regarding our key franchise games including Video Poker Classic ,Crypto Trillionaire Keno Vegas and Lucky Lotto . We are actively developing these titles which is driving strong performance in 2022 so far.
“In order to resume growth and achieve our goal of becoming profitable by 2020, we have begun an investment plan in game marketing. This is a longer-term strategy that will take time but as it pays off should lead us back towards overall success.”
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