Skip to main content

InvestorNewsBreaks – DoubleDown Interactive Co. Ltd. (NASDAQ: DDI) Reports Q2 2022 Financial Numbers, Corporate Update

DoubleDown Interactive (NASDAQ: DDI), a leading developer and publisher of digital social casino games, has released its second-quarter 2022 financial report for the period ending June 30, 2022. Highlights of the report indicate that revenues for the company decreased from $93.2 million in the second quarter of 2021 to $80.6 million in the Q2 2022. The report also noted that operating costs increased from $71.5 million in Q2 2021 to $128.6 million in the second quarter of 2022; this was due to a $71.5 million noncash accrual that was included in general and administrative expenses. In addition, adjusted EBITDA showed a decline from $31.1 million for Q2 2021 to $26.1 million for Q2 2022. Finally, net income was a $34.1 million loss, which translated to a loss of $13.75 per common share on a fully diluted basis for the quarter, compared to net income of $18.4 million, or $8.32 per common share on a fully diluted basis in Q2 2021. “Our flexible cost structure allowed us to generate another quarter of healthy adjusted EBITDA margins in excess of 30% and higher than the prior quarter, as our second-quarter operating costs, excluding a noncash accrual, decreased over 20% from the prior year, also contributing to positive free cash flow and net income,” said DoubleDown CEO In Keuk Kim in the press release. “We recorded these results despite industry-wide headwinds relating to difficult year-over-year comparisons during a period of COVID-related lockdowns in 2021 and recent global inflation concerns that are impacting player behavior. Going forward, we expect our resilient business model to continue driving positive financial performance, while operationally we will strive to expand our business through a combination of improvements to our flagship game, DoubleDown Casino, and the addition of new gaming apps outside of social casino. Additionally, we are continuing to evaluate strategic M&A opportunities that can leverage our core capabilities and diversify our revenue stream outside of social casino.”

To view the full press release, visit https://ibn.fm/nMCe0

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 the company, visit www.DoubleDownInteractive.com.

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.

As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.

For more information, please visit https://www.InvestorWire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com

InvestorWire is part of the InvestorBrandNetwork.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.