“We continue to benefit from strong payer engagement in our flagship social casino game, DoubleDown Casino, and intend to continue to focus on growing player monetization through the development and introduction of new casino-wide features that provide players with great entertainment and excellent value. “Our solid first quarter results, including the first quarterly sequential revenue increase in eight quarters, once again demonstrated the strength of our business model which consistently drives attractive Adjusted EBITDA margins of more than 30% and significant cash flow,” said In Keuk Kim, Chief Executive Officer of DoubleDown. Average monthly revenue per payer decreased to $221 in the first quarter of 2023 from $225 in the first quarter of 2022.Average Revenue Per Daily Active User (“ ARPDAU”) increased to $1.03 in the first quarter of 2023 from $0.97 in the first quarter of 2022.

Note each ADS represents 0.05 share of a common share.

Net income of $23.7 million, or earnings per fully diluted common share of $9.55 ($0.48 per American Depositary Share (“ ADS”)), in the first quarter of 2023, compared to a net income of $18.5 million, or $7.46 per fully diluted common share ($0.37 per ADS), in the first quarter of 2022.

The Adjusted EBITDA decline was primarily due to lower revenue in the first quarter of 2023, with the higher Adjusted EBITDA margin primarily attributable to lower marketing expense for the same period. The Adjusted EBITDA margin increased to 32.8% for the first quarter of 2023, compared to an Adjusted EBITDA margin of 31.5% for the first quarter of 2022.

Adjusted EBITDA of $25.4 million for the first quarter of 2023 compared to $26.9 million for the first quarter of 2022.

Operating costs of $52.2 million in the first quarter of 2023, a decline from $60.8 million in the first quarter of 2022, primarily reflecting lower cost of revenue due to lower sales, and decreased marketing and amortization expense.

Revenues of $77.6 million in the first quarter of 2023 compared to $85.5 million in the first quarter of 2022.

(NASDAQ: DDI) (“ DoubleDown” or the “ Company”), a leading developer and publisher of digital games on mobile and web-based platforms, today announced its unaudited financial results for the first quarter ended March 31, 2023.įirst Quarter 2023 vs. SEATTLE, (GLOBE NEWSWIRE) - DoubleDown Interactive Co., Ltd.

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