SINGAPORE--(BUSINESS WIRE)--Mobvista, a leading mobile technology company, announced on May 15 its financial results for the first quarter of 2023. The results highlighted strong performance, with revenue reaching $245 billion dollars, an increase of 8.8% QoQ and 5.0% YoY. Gross profit for the same period rose to $47 billion dollars, marking a growth of 2.1% QoQ and 5.1% YoY. Furthermore, the company reported an adjusted EBITDA of $26 million dollars, a 2193% increase YoY.
Mintegral, the core business unit and programmatic advertising platform of Mobvista has experienced significant growth in both revenue and profits. For Q1 2023, Mintegral's revenue climbed to $226 million dollars, a YoY increase of 13%, transitioning the platform into profitability. Notably, given the consistent growth in Mintegral's performance over the past few quarters, the platform is expected to have surpassed the breakeven point and is set to steadily increase its contribution to profits moving forward.
The financial report indicates two factors contributing to the company's enhanced profitability. First, upgrades to the Mintegral platform have improved business efficiency. As part of this, Mintegral introduced a new bidding strategy and executed a significant system revamp of the Mintegral platform. This overhaul simplified the system and boosted the efficiency of Mintegral's platform model training and iteration.
The second factor is a focus on cost reduction through efficiency enhancement initiatives. In 2022, the company pursued a business strategy that included downsizing certain unprofitable advertising categories. Concurrently, the company vigorously optimized various expenses and improved departmental efficiency through the promotion of system informatization and automation. This trend persisted into the first quarter of 2023 as the company's marketing, administrative, and operational expenses all experienced varying degrees of reduction.
Alongside the overall improvement of operating efficiency, operating data reveals a positive trend in Mintegral's various performance indicators. Notably, the platform continues to experience growth in enterprise-level customers. As of the twelve-month period ending on March 31, 2023, the number of enterprise customers generating over $100,000 in revenue for Mintegral reached 421, reflecting an increase of 46.18% compared to the corresponding period in the previous year.
Furthermore, the platform has successfully maintained a commendable customer retention rate. In the twelve-month period ending on March 31, 2023, the retention rate of enterprise-level customers whose revenue contributions exceeded $100,000 stood at 95.9%. Moreover, based on the net expansion rate in terms of revenue, the platform achieved 124% YoY growth.
Mintegral's growth in user traffic remains strong. In Q1 2023, the platform achieved a publisher retention rate of 93.4%. Mintegral also saw a 15.1% increase in newly partnered publishers and a 19.3% increase in the number of partnered traffic apps. Additionally, Mintegral made notable progress in expanding its traffic in midcore and hardcore game verticals, which accounted for 28.5% of its revenue.
Mobvista (1860.HK) is a leading mobile technology company providing a complete suite of advertising and analytics tools for app developers and marketers seeking global growth. Providing a range of tailored solutions, such as user acquisition, monetization, analytics, creative automation, and cross-channel media buying, Mobvista enables mobile businesses to maximize their potential.