Games publisher Paradox Interactive has released its earnings for the year, reporting an increase of 34% in revenue.

Here’s what you need to know for the fiscal year and fourth quarter ended December 31:

The Numbers Q4

Revenue: SEK 995.6 million ($95 million), up 72% year-on-year
Profit: SEK 131 million ($12.5 million), down 46% year-on-year

The Numbers fiscal year

Revenue: SEK 2.6 billion ($248 million), up 34% year-on-year
Profit: SEK 688 million ($65.6 million), down 3% year-on-year

The Highlights

The company noted that it amassed more than six million monthly active users across its titles throughout the fiscal year. It currently has ten titles in operation across its studio portfolio.

“2023 has been a year during which we’ve reached many milestones. We set a new revenue record, in the full year and in the quarter, we have stably more than six million players and we end the year with a very strong financial position,” said CEO Fredrik Wester.

“At the same time, we’re unable to relax. EBIT (earnings before income tax) is at a level we are not happy with after a large write-down, and the quarter’s game releases have not held the quality we want. There is certainly potential to reach even higher.”

Wester also said the company’s live games and expansions performed well.

Regarding the publisher’s game releases, Paradox’s revenue growth for its fourth quarter was attributed to titles such as Cities: Skyline 2, Crusader Kings 3, Hearts of Iron 4, The LampLighters League, and Stellaris.

However, due to poor sales performance, the quarter saw Paradox write down Lamplighters League. The decision cost the games firm a $24 million (SEK 250 million) hit, and layoffs at the developer.

The games publisher then announced that it would be parting ways with game developer Harebrained Schemes.