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.”
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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 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.
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