Digital games publisher DoubleDown Interactive has released its quarterly financial results for the third quarter of 2023. During Q3, the company posted $73m in total revenue.
Operating costs fell by more than 50% during the quarter, too, with the total reaching $43.3m.
DoubleDown’s adjusted EBITDA reached $29.7m during the third quarter, rising by nearly $4m year-over-year.
The company also celebrated earning $26.9m in net income in Q3, the equivalent of $10.87 per share. During this time last year, the company reported a net loss of $25m because of “lower sales and marketing expenses.”
DoubleDown’s adjusted EBITDA margin rose in Q3 to 40.7%, up by nearly 10 percentage points when compared to last year’s third quarter.
Company CEO Keuk Kim discussed the third quarter results in more detail by saying, “DoubleDown generated solid third-quarter results including a nearly 19% year-over-year increase in adjusted EBITDA to $29.7m and $28.7m in operating cash flow.”
Kim also elaborated on growth regarding the company’s average monthly revenue per payer.
He said in closing, “Payer engagement remains strong, in particular for our flagship social casino game DoubleDown Casino, as ARPDAU and average monthly revenue per payer rose 10% and 9%, respectively compared to the third quarter of 2022.
“Our business model and prudent management of operating expenses continues to deliver strong adjusted EBITDA margins which through the first nine months of 2023 is up 530 basis points compared to the same period in 2022.”
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.
