DoubleDown Interactive Reports Strong Third Quarter 2024 Financial Results
Intellectia.AI
DoubleDown Interactive Reports Strong Third Quarter 2024 Financial Results
SEOUL, South Korea—DoubleDown Interactive Co., Ltd. (NASDAQ: DDI), a prominent developer and publisher of digital games, reported its financial results for the third quarter ended September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $83.0M | $73.0M |
| Revenue Growth (YoY) | 14% | N/A |
| Earnings Per Share (EPS) Diluted | $10.11 | $10.87 |
| Adjusted EBITDA | $36.1M | $29.7M |
| Adjusted EBITDA Margin | 43.5% | 40.7% |
The increase in total revenue was driven by enhanced engagement and monetization of the existing player base, inclusive of contributions from SuprNation. Meanwhile, the slight decline in EPS is mainly attributed to losses on foreign currency translation and augmented administrative expenses post-acquisition of SuprNation. Adjusted EBITDA grew by 22%, underscoring operational efficiencies and controlled spending.
Segment Revenue Performance
| Segment | Revenue |
|---|---|
| Social Casino/Free-to-Play Games | $75.2M |
The social casino segment saw a 3% year-over-year increase in revenue excluding SuprNation contributions, marking the fourth successive quarter of growth, demonstrating consistent user engagement and monetization success in this segment.
Key Developments and Operational Highlights
- Acquired SuprNation, contributing $7.8 million in revenue in Q3 2024.
- Continued focus on monetization and operational efficiency, which yielded trailing twelve months cash flows from operations of approximately $101 million.
- Generated $31.8 million in cash flow during the quarter, the third consecutive quarter surpassing the $30 million mark.
Comments from Company Officers
In Keuk Kim, CEO of DoubleDown, highlighted that the company experienced a robust quarter with a significant 14% rise in consolidated revenue. He emphasized the continued success in the social casino segments and described the experiential gains and marketing focus in SuprNation’s operations.
Stock Price Movement
After the earnings announcement, DoubleDown's stock experienced a 3% increase, reflecting market confidence in the reported results and strategic direction.
In summary, DoubleDown Interactive exhibited strong revenue growth and operational performance, underscored by strategic acquisitions and effective cost management, bolstering investor confidence.
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