King Digital Entertainment PLC (KING) reports $607.6 million in Q1 revenue
King Digital Entertainment PLC (NYSE:KING), the parent company of Candy Crush Saga, has reported its first fiscal quarter today, which ended March 31st. The company generated $607.6 million in revenue, up from $206 million year-over-year. This beats Wall Street expectations of $601 million. Earnings hit $248.6 million, up from $81.4 million during the same period of 2013.
“We are pleased with our first quarter 2014 results and are executing on our plan to build a strong portfolio of games,” stated King CEO Riccardo Zacconi. “Our existing titles are performing well, and with the strong performance of Farm Heroes Saga following its January mobile launch, we had three games in the top 10 grossing games list on all major platforms for the first quarter. With the massive reach of our player network, our existing portfolio of highly engaging games, and our development plan for additional games well underway, we are well-positioned for gross bookings growth and diversification in 2014.”
King.com has 481 million monthly active users on mobile devices, social apps, and on the web. This is up from 138 million in Q1 2013 and is a 249% increase year-over-year. The 481 million monthly active user count is also up 73 million (18%) from Q4 2013.
Candy Crush Saga was 78% of King.com’s gross bookings prior to this quarter, but it is 67%. This is good because it proves that King.com may not be a one-hit wonder with Candy Crush. For the 2014 fiscal outlook, King.com is expecting revenues of $2.4 to $2.5 billion.