LIMASSOL, Cyprus, May 28, 2024 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ:GDEV), an international gaming and entertainment company ("GDEV" or the "Company") released its preliminary unaudited financial and operational results for the first quarter ended March 31, 2024. Financial highlights: First quarter 2024: Revenue of $107 million decreased by 10% year-over-year. Bookings of $109 million increased by 4% year-over-year. Loss for the period of $1 million in Q1 2024 vs. loss of $8 million in Q1 2023. Adjusted EBITDA of negative $3 million in the first quarter 2024 compared to negative $12 million in the first quarter of 2023. GDEV CEO, Andrey Fadeev stated: "The first quarter results highlighted the effectiveness of our strategic initiatives, as our bookings continued to grow. Looking forward, we plan to prioritize user acquisition investments to continue to drive profitable growth. Furthermore, we made significant efforts to enhance our corporate profile, as demonstrated by our recently completed tender offer. Our intention is to reintroduce the shares we purchased in the tender offer into the market with the aim to bolster the trading liquidity and increase our public float. All these steps underscore our commitment to delivering long-term value to our shareholders." First quarter financial performance in comparison US$ million Q1 2024 Q1 2023 Change (%) Revenue 107 119 (10%) Platform commissions (23) (29) (19%) Game operation cost (13) (14) (11%) Selling and marketing expenses (63) (78) (19%) General and administrative expenses (8) (8) (8%) Loss for the period, net of tax (1) (8) (82%) Adjusted EBITDA (3) (12) (78%) Cash flows generated from/(used in) operating activities 0.4 (12) N/M N/M: not meaningful First quarter 2024 financial performance In the first quarter of 2024, our revenue decreased by $12 million (or 10%) year-over-year and amounted to $107 million, driven primarily by an increase in the change in deferred revenue in the first quarter of 2024 in the amount of $17 million vs. the same period in 2023, partially offset by an increase of $5 million in bookings in the first quarter of 2024 vs. the same period in 2023. Platform commissions decreased by $6 million (or 19%) in the first quarter of 2024 compared to the same period in 2023 driven by the decrease in revenues, amplified by growth of revenues derived from PC platforms which are associated with lower commissions. Game operation costs decreased by $2 million, reaching $13 million in the first quarter ...