DoubleDown Interactive has published its financial results for Q4 and full 2023 fiscal year. The company posted significant increases in its Q4 and full-year net income.
During the fourth quarter, company revenue rose to $83.1m, resulting in a nearly $7m increase year-over-year.
The company reported a decrease in operating expenses in Q4 when compared to expenses a year ago. Total operating expenses during the quarter reached $47.5m, down from $321.4m in Q4 2022.
Adjusted EBITDA in the fourth quarter was $36.2m, up nearly $12m year-over-year. The company’s EBITDA margin grew by more than 10 percentage points during the past year to reach 43.5%.
DoubleDown reported $25.5m in net income for the quarter, the equivalent of earnings per fully diluted common share of $10.27. During the same period in 2022, the company posted a $194.4m net loss, or $78.47 per fully diluted common share.
The company reduced its annual operating expenses in 2023. Total expenses totaled $190.7m for the fiscal year, nearly a third of what was spent in 2022.
However, revenue for the full year reflected a significant decrease when compared to 2022. The company reported $308.9m in 2023 revenue, down nearly $13m from last year.
Adjusted EBITDA and the adjusted EBITDA margin grew in 2023, with totals reaching $118.9m and 38.5% respectively.
DoubleDown reported $100.4m in net income for the year, or $40.53 per common share. The company posted a $234m net loss in 2022.
CEO Keuk Kim commented further on the company’s latest results by saying, “We continue to deliver strong engagement metrics for our flagship social casino game DoubleDown Casino, as ARPDAU and average monthly revenue per payer rose 26% and 23%, respectively, compared to the 2022 fourth quarter.
“As a result, cash flows from operating activities were approximately $30m in the fourth quarter.”
