DoubleDown Interactive (NASDAQ: DDI), a leading developer and publisher of digital games on mobile and web-based platforms, is reporting on its unaudited financial results for the first quarter ended March 31, 2023. Highlights of the report include revenues reaching $77.6 million, down from $85.5 million in the first quarter of 2022; operating costs of $52.2 million, a reduction from the $60.8 million reported in Q1 2022; Adjusted EBITDA of $25.4 million compared to $26.9 million for the same period in 2022; and net income totaling $23.7 million, up from the $18.5 million for first quarter of 2022. In addition, the company reported that the Average Revenue Per Daily Active User (“ARPDAU”) came in at $1.03, up from $0.97 in the first quarter of 2022, while the average monthly revenue per payer decreased to $221. “Our solid first-quarter results, including the first quarterly sequential revenue increase in eight quarters, once again demonstrated the strength of our business model which consistently drives attractive Adjusted EBITDA margins of more than 30% and significant cash flow,” said DoubleDown CEO In Keuk Kim in the press release.
“We continue to benefit from strong payer engagement in our flagship social casino game, DoubleDown Casino, and intend to continue to focus on growing player monetization through the development and introduction of new casino-wide features that provide players with great entertainment and excellent value. We are also deploying capital to expand our business into new gaming categories such as iGaming through our previously announced acquisition of SuprNation, which is expected to close later this year. Our ongoing initiatives to further optimize our core social casino business has positioned DoubleDown to deliver consistent attractive annual free cash flow. As a result, we have a strong balance sheet with more than $100 million in uncommitted capital, which provides the company with significant optionality to deploy resources to enhance shareholder value. We are off to a strong start to the year, and believe we have the right strategy and operating initiatives in place to continue our solid performance over the balance of 2023.”
To view the full press release, visit https://ibn.fm/WCtPc
About DoubleDown Interactive Co. Ltd.
DoubleDown Interactive is a leading developer and publisher of digital games on mobile and web-based platforms. The company is the creator of multiformat interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. DDI’s flagship title, DoubleDown Casino, has been a fan-favorite game on leading social and mobile platforms for years, entertaining millions of players worldwide with a lineup of classic and modern games. For more information about this company, please visit www.DoubleDownInteractive.com.
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