PLBY Group, Inc. (PLBY) released its financial results for the fourth quarter of 2023, showcasing a strong performance that exceeded analyst expectations. The company reported a quarterly loss of 5 cents per share, significantly beating the consensus estimate of 14 cents per share.
Revenue for the quarter reached $39.364 million, surpassing the analyst consensus estimate of $32.275 million by a notable margin. This growth was driven by a surge in digital subscriptions and content revenue, which increased by 22% year-over-year to $5.6 million. The company's creator platform also contributed to revenue growth, offsetting a decline in its legacy digital business.
Despite the revenue growth, PLBY Group reported a total net loss for the fourth quarter of $3.8 million. However, this represented an improvement from the previous year, where the company had a net loss of $10.2 million for the same period.
Ben Kohn, CEO of PLBY Group, highlighted the company's progress in 2023, focusing on restructuring, reducing overhead, repositioning Honey Birdette, establishing a joint venture model for its China business, and growing its creator platform. These initiatives contributed to the company's improved financial performance.