DoubleDown Interactive (NASDAQ: DDI), a leading developer and publisher of digital games on mobile and web-based platforms, is reporting its unaudited financial results for the first quarter ended March 31, 2024, including unaudited financial results of SuprNation AB, a European iGaming operator. Highlights of the report include an increase in revenue, reaching $88.1 million in Q1 2024, up from $77.6 million in Q1 202; operating expenses totaled $57.1 million in the first quarter of 2024, an increase from $52.2 million in Q1 2023; net income of $30.4 million, or earnings per fully diluted common share of $12.23; and Adjusted EBITDA of $31.9 million, up from $25.4 million in the same quarter 2023. In addition, the report noted that Average Revenue Per Daily Active User (“ARPDAU”) for the company’s social casino/free-to-play games was $1.26 in the first quarter 2024, an increase from $1.03 in first quarter 2023 and from $1.24 in fourth quarter 2023 while the average monthly revenue per payer for the social casino/free-to-play games increased to $281, up from $221 Q1 2023 and $279 Q4 2023. “The first quarter of 2024 marked another quarter of strong financial results, with consolidated revenue of $88.1 million and Adjusted EBITDA of $31.9 million, representing 14% and 26% year-over-year growth, respectively,” said DoubleDown Interactive CEO In Keuk Kim in the press release. “Revenue from our social casino games increased 3% year-over-year for the second consecutive quarter. Our DoubleDown Casino’s performance is benefitting from the recently introduced meta features that are further advancing our ability to improve monetization and generate strong engagement metrics, with ARPDAU rising on a quarterly sequential basis and by 22% year over year, and average revenue per payer also rising from 2023 fourth quarter levels and growing 27% year over year. The strong performance of our social casino business combined with our commitment to remain disciplined with user acquisition and R&D spend delivered another quarter of strong Adjusted EBITDA margin and free cash flow, with cash flow from operating activities of $34.9 million in the 2024 first quarter.”
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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 social casino 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. Following its acquisition of SuprNation in October 2023, the company also operates three real-money iGaming sites in western Europe. For more information about this company, please visit www.DoubleDownInteractive.com.
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