Catena Media, an organization specializing in promotion for the internet gaming sector, witnessed a revenue surge of 9% during the initial six months of 2020, attaining €54.5 million (equivalent to $65 million). This expansion was significantly driven by a robust second quarter, which observed a 17% leap to €27.8 million.
This upward trajectory was ascribed to the online gambling sector’s ability to withstand the COVID-19 crisis. While brick-and-mortar casinos encountered shutdowns and dwindling earnings, internet-based platforms saw a spike in engagement as stay-at-home orders and limitations confined individuals to their residences. This resulted in unprecedented financial outcomes for numerous online gaming providers, encompassing those collaborating with Catena Media.
Catena’s second-quarter performance even eclipsed the first, suggesting an acceleration in online gaming participation as the pandemic’s consequences escalated. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) expanded by 34% to €27.7 million for the first half of the year, with the second quarter exhibiting a substantial 56% rise to €14.8 million.
Notably, although the initial six months saw a minor decrease in new depositing clients, the second quarter rallied with a 4% growth, reaching 104,326.
Per Hellberg, Chief Executive Officer of Catena Media, emphasized the company’s all-time high profits and the impressive performance of natural search revenue. Nevertheless, despite the favorable financial outcomes, Catena’s stock value experienced a decline following the disclosure, reflecting the unpredictable nature of the market.
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