DoubleDown Interactive (NASDAQ: DDI), a leading gaming company delivering unique player experiences across a variety of genres, is reporting its unaudited financial results for the third quarter ended September 30, 2022. Notable numbers from the report include a decrease in revenues, down from $87 million in Q3 2021 to $78.8 million in Q3 2022 and an increase in operating costs, which totaled $124.1 million in third quarter 2022, up from $59.2 million for the same period last year. The company noted that the increase came primarily from a $70.25 million charge related to the settlement of a class action and associated proceedings. In addition, the report noted that adjusted EBITDA decreased from $30.2 million for Q3 2021 to $25 million for the Q3 2022, resulting in an adjusted EBITDA margin of 31.7% for the third quarter of 2022. Net income was down — a reported $24 million loss — while the average revenue per daily active user (“ARPDAU”) remained consistent from year to year. “DoubleDown generated solid results in the third quarter of 2022 with another quarter of positive free cash flow and adjusted EBITDA margin being above 30%, demonstrating the stickiness of our customer base and long-term engagement by our players,” said DoubleDown CEO In Keuk Kim in the press release. “Revenue in the third quarter of 2022 was 14% higher than the third quarter of 2019, the most recent comparable period prior to the COVID pandemic, which we believe validates our success in capturing and retaining growth in our customer base and player spending over the past few years. Further, we were able to maintain our ARPDAU and average monthly revenue per payer metrics from the year-ago period, despite global inflationary pressure and recession concerns that have impacted player behavior, demonstrating the resilience of our business.”
To view the full press release, visit https://ibn.fm/Zeb1U
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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