DoubleDown Interactive reports 17% increase for Q2 revenue
The company released revenue figures reflecting contributions from SuprNation, which it purchased in January 2023.
DoubleDown Interactive has reported the company’s financial results from the second quarter of 2024, seeing increases in revenue, net income and adjusted EBITDA.
For Q2 2024, DoubleDown’s consolidated revenue was reported to be $88.2m, factoring in revenue generated by SuprNation, which DoubleDown acquired in January 2023. The figure represents an increase in revenue of 17% from the prior year period, with the increase lowering to 7% if one were to exclude SuprNation’s contribution.
Net income also increased year-over-year, rising just under 36.5% for a total of $33.3m during the second quarter of 2024. Adjusted EBITDA increased 34% from the second quarter of 2023 for a reported total of $37m for Q2 2024.
“The recent introduction of new meta features in our flagship app, DoubleDown Casino, continues to help drive strong improvements in player engagement and monetization, as evidenced by ARPDAU and average revenue per player rising year over year by 27% and 23%, respectively,” DoubleDown CEO Keuk Kim said.
“We continue to fine-tune our go-to-market strategies for growing SuprNation’s topline while remaining focused on ensuring our near-term marketing and player engagement strategies will result in sustainable mid- and long-term profitable revenue and cash flow contributions.”
The company also reported a 7% increase in revenue from its social casino sector year-over-year.
DoubleDown stated its increases in various categories can be attributed to SuprNation’s performance being counted which was not done in the second quarter of 2023 since the purchase was not made official until October of the same year.
In an effort to help the American Society for the Prevention of Cruelty to Animals (ASPCA) and its mission, DoubleDown announced it would donate $10,000 to the charity on July 22 and build upon its standing relationship with a new promotion.
DoubleDown Casino, the company’s online casino offering, invited players to engage with and show support for the charitable donation by taking part in its Claws for the Cause play-to-enter giveaway event on July 27 and 28.
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