DoubleDown Interactive has revealed its results for the quarter ending on September 30, 2022, and displayed a revenue decrease from $87m in 2021 to $78.8m in Q3 2022.
Operating costs for the company hit $124.1m, an increase from $59.2m reported for the same period last year. The increase in operating costs is primarily attributed to a $70.25m charge related to settling the Benson class action suit and associated proceedings.
Furthermore, adjusted EBITDA for the company decreased from $30.2m in Q3 of 2021 to $25.0m in Q3 of 2022.
The company also reported a loss of $24.0m, or a loss of $9.69 per common share on a fully diluted basis.
DoubleDown Chief Executive Officer In Keuk Kim commented: "DoubleDown generated solid results in the third quarter of 2022 with another quarter of positive free cash flow and adjusted EBITDA margin being above 30%, demonstrating the stickiness of our customer base and long-term engagement by our players."
The Average Revenue Per Daily Active User (ARPDAU) remained consistent at $0.96 in the third quarter of 2022, which is the same figure as in Q3 2021.
Kim continued: "Revenue in the third quarter of 2022 was 14% higher than the third quarter of 2019, the most recent comparable period before the Covid-19 pandemic, which we believe validates our success in capturing and retaining growth in our customer base and player spending over the past few years.
"Further, we were able to maintain our ARPDAU and average monthly revenue per payer metrics from the year-ago period, despite global inflationary pressure and recession concerns that have impacted player behavior, demonstrating the resilience of our business."
The company attributes the decrease in revenue to lower player activity relating to inflation and global economic concerns during 2022.
