DoubleDown Interactive Announces Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-13
DoubleDown Interactive Announces Second Quarter 2024 Financial Results
SEATTLE, August 12, 2024 (GLOBE NEWSWIRE) — DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) ("DoubleDown" or the "Company"), a leading developer and publisher of digital games on mobile and web-based platforms, today reported its unaudited financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
The following table presents key financial metrics for DoubleDown Interactive, with year-over-year and quarter-over-quarter comparisons.
| Metric | Q2 2024 | Q2 2023 | Q1 2024 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Total Revenue | $88.2 million | $75.2 million | N/A | +17% | N/A |
| Net Income | $33.3 million | $24.4 million | N/A | +36% | N/A |
| EPS (Per Common Share) | $13.39 | $9.83 | N/A | +36% | N/A |
| EPS (Per ADS) | $0.67 | $0.49 | N/A | +36% | N/A |
| Adjusted EBITDA | $37.0 million | $27.6 million | N/A | +34% | N/A |
| Adjusted EBITDA Margin | 41.9% | 36.7% | N/A | +5.2pp | N/A |
| ARPDAU | $1.33 | $1.05 | $1.26 | +27% | +5.6% |
| Avg. Monthly Revenue per Payer | $288 | $235 | $281 | +23% | +2.5% |
Interpretation: The company reported robust revenue growth of 17% year-over-year, driven mainly by higher player engagement and monetization. Net income also saw a significant increase of 36%, reflecting lower sales and marketing expenses and efficiency gains. Quarter-over-quarter performance remains positive despite operational seasonality.
Revenue Breakdown by Segment
| Segment | Revenue Q2 2024 | YoY Change |
|---|---|---|
| Social Casino/Free-to-Play | $80.3 million | +7% |
| SuprNation (iGaming) | $7.9 million | N/A |
Interpretation: Social casino revenue grew by 7%, marking the third consecutive quarter of year-over-year growth. The SuprNation iGaming segment generated $7.9 million, exceeding initial estimates, demonstrating the successful integration and performance post-acquisition.
Key Operational Data
| Metric | Q2 2024 | Q2 2023 | Q1 2024 |
|---|---|---|---|
| Average Revenue Per Daily Active User (ARPDAU) | $1.33 | $1.05 | $1.26 |
| Avg. Monthly Revenue per Payer | $288 | $235 | $281 |
Interpretation: Both ARPDAU and average monthly revenue per payer showed significant improvements, driven by enhanced player engagement and monetization strategies through product enhancements.
Management Commentary
CEO In Keuk Kim highlighted the company's strong quarterly performance, emphasizing the 17% growth in consolidated revenue and 34% increase in adjusted EBITDA. He noted that the social casino business has seen consistent year-over-year growth, with the flagship app, DoubleDown Casino, driving strong player engagement and monetization. SuprNation's iGaming operations were also described as exceeding revenue expectations.
Dividends and Share Repurchase Program
No information was provided regarding announced dividends or share repurchase programs.
Forward Guidance
The company did not provide explicit forward guidance in the earnings release.
Stock Price Movement
Following the earnings release, the company's stock price experienced a modest increase of approximately 0.5%.
Conclusion: DoubleDown Interactive posted a strong second quarter, with significant revenue growth and improved profitability metrics. The company's strategic focus on enhancing player engagement and leveraging acquisitions like SuprNation has yielded impressive financial results.
For any further details, investors are encouraged to attend the company's earnings conference call and webcast, and review the full earnings release on their investor relations website.