King's profits jump 142% in Q1, riding high on Candy Crush and 143m DAUs

Record quarterly mobile gross bookings reported

King's profits jump 142% in Q1, riding high on Candy Crush and 143m DAUs

Candy Crush maker King (NYSE:KING) has reported a revenue of $606.7 million for Q1 2014, with 143 million daily active users spread across its offering of games.

Year-on-year, this revenue is up $401 million - or roughly 194 percent - from King's Q1 2013 revenue of $206 million.

For the quarter ending 31 March 2014, King also reported profits of $127 million - up 142 percent year-on-year - while its mobile gross bookings for the quarter reached a record quarterly high of $480 million.

Interestingly, Candy Crush Saga accounted for 67 percent of gross bookings for Q1 2014 - down quarterly from 78 percent.

A fistful of candy

Earlier this year, King's debut on the New York Stock Exchange opened on a sour note as it came in 10 percent below its IPO price.

King reportedly delayed its IPO launch for fears that investors would see it as a one-hit wonder based on the breakout success of Candy Crush Saga.

CEO Riccardo Zacconi addressed these concerns directly when speaking on his company's quarterly performance.

"We are pleased with our first quarter 2014 results and are executing on our plan to build a strong portfolio of games," he began.

"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,” Zacconi concluded.

[source: King]

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Representing the former colonies, Matt keeps the Pocket Gamer news feed updated when sleepy Europeans are sleeping. As a frustrated journalist, diehard gamer and recovering MMO addict, this is pretty much his dream job.