GDEV Report: the company earned $106 million for the quarter, with an increase in PC revenue share

The developer and publisher of the Hero Wars series has reported the financial results for the second quarter of 2024. Here's what the report says.

Hero Wars

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The quarterly revenue of GDEV decreased by 8% compared to last year, down to $106 million. The profit totaled $15 million.
The adjusted EBITDA remained unchanged year-over-year at $16 million.
Receipts slightly declined by 3% to $108 million.
The most profitable market for GDEV remained the United States, accounting for 34% of receipts. Europe contributed another 29%, and Asia 22%.
GDEV continued to increase its share of revenue from PC. This time, PC games accounted for 42% of receipts, which is a 4‰ increase from the previous year. The remaining 58% of receipts came from mobile.
The company also reduced costs. Advertising and marketing expenses fell by 7% to $47 million, operational costs dropped by 13% to $12 million, and platform commissions decreased by 16% to $23 million.
The number of monthly paying users decreased from 392,000 to 381,000 over the year. However, the average revenue per paying user grew by 2% to $88.
As of June 30, GDEV had $140 million in free cash flow.

GDEV was pleased with the crossover event between the Hero Wars and Tomb Raider series that took place in May. The company reported that it led to a 25% increase in new paying players in Hero Wars compared to May 2023 and a 17% increase compared to April 2024.
By the end of the quarter, the two versions of Hero Wars — Dominion Era and Alliance — accounted for 89% of all GDEV receipts.
Another 6% of quarterly receipts were generated by Pixel Gun 3D, and the remaining 5% by Island Hoppers.
On April 2, GDEV released the PC version of Pixel Gun 3D. The game recouped development costs on the first day. At its peak, it attracted over 25,000 concurrent players on Steam.