NetEnt Profits Rise 119.6% in Third Quarter

Swedish game developer NetEnt has posted their third-quarter 2020 financials, noting that they saw profits rise 119.6% for the period.

Key financial indicators for the quarter ending September 30th, 2020 were:

• Revenues up 17.5% to SEK 520.9 million
• Software licensing revenues of SEK 503.5 million
• Software setup fees of SEK 6.9 million
• Other sources of revenues of SEK 10.5 million
• European revenues generated 42% of the total
• The UK accounted for 19%
• Nordic revenues were 17%
• United States revenues made up 10% of the share, with revenues up 313% from last year
• Rest of the world revenues were 12% of the total revenues
• Live casino revenues up 109% from last year
• Personnel expenses dropped to SEK 99.7 million from SEK 111.5 million last year
• EBITDA was SEK 309.7 million, up 57.8% from 2019
• Taxes paid equated to SEK 16.9 million
• Net profit posted of SEK 167.1 million, up 119.6% from last year

NetEnt is currently considering a purchase agreement from fellow Swedish betting group Evolution, who also posted their third-quarter financials today.