DoubleDown Interactive has released its financial result for the fourth quarter and for 2022’s fiscal year. The company experienced declines in revenue and adjusted EBITDA during both periods.
DoubleDown Interactive delivers its users a variety of gaming genres in multiple formats and publishes its games on both web-based and mobile platforms. Its DoubleDown Casino flagship title is well-known among its multimillion-player fanbase.
The company’s social casino portfolio includes a variety of modern and classic games.
Breaking down Q4, company revenue fell by nearly $10m when compared to last year’s fourth quarter report. The company ended Q4 with $76.2 in revenue.
Adjusted EBITDA fell to $27.4m in the fourth quarter, dropping by almost $1m year-over-year.
DoubleDown reported similar trends for the fiscal year. Revenue at the end of 2022 reached $321m, dropping by nearly $40m when compared to last year’s figures. The company’s adjusted EBITDA fell to $101.6m year-over-year. The adjusted EBITDA margin for 2022 was 31.6%.
DoubleDown CEO Keuk Kim said: “DoubleDown completed the fourth quarter with continuing solid cash flow generation and strong adjusted EBITDA margins, continuing to demonstrate the attractive high-margin, capital light business model of our company.”
Kim also discussed the company’s progress coming out of the pandemic and attributed its wins to its loyal customer base.
He said in closing: “Our full-year 2022 revenue of $321m represents growth of over 17% compared to full-year 2019, the most recent comparable period prior to the COVID pandemic, which we believe illustrates the stickiness of the customer base we have retained over the past several years.
“While global inflationary pressures and recession concerns may be moderately impacting discretionary spending broadly, we believe our compelling gaming options and player loyalty provide us with an advantageous position to remain a leading gaming company.”
