Catena Media, a digital marketing firm specializing in iGaming, reported a revenue surge of 9% for the initial six months of 2020, reaching €54.5 million (approximately $65 million). This expansion was primarily fueled by a robust second quarter, during which revenue leaped by 17%.
This second-quarter surge can be linked to the worldwide shift toward digital platforms amid the pandemic. As brick-and-mortar gambling establishments faced challenges, their online equivalents flourished as stay-at-home orders and limitations kept individuals indoors. Catena Media, with its concentration on internet-based gambling, capitalized on this pattern, witnessing its Q2 revenue outpace even Q1.
The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) mirrored this favorable expansion, rising by 34% to €27.7 million for the first half of the year. Q2 displayed an even more remarkable increase of 56%, hitting €14.8 million.
Catena Media’s Chief Executive Officer, Per Hellberg, emphasized the company’s unprecedented quarter, crediting the achievement to organic search revenue and overall revenue escalation. Nevertheless, despite the optimistic earnings announcement, the company’s share value encountered a decline, potentially signaling market volatility or investor apprehension.
