Doubledown Interactive Co., Ltd. Stock Price, News & Analysis

DoubleDown Interactive (NASDAQ: DDI) announced an acquisition agreement for SuprNation AB, a European i-Gaming company, for approximately $35 million. SuprNation, which had an estimated $18.3 million in revenue for the nine months ending September 30, 2022, operates in regulated markets like Sweden and Great Britain. The acquisition aims to enhance DoubleDown's presence in the European market, leveraging synergies in marketing and technology. The deal is expected to close in Q2 2023, subject to regulatory approvals and other closing conditions.

DoubleDown Interactive (NASDAQ: DDI) announced its participation in the 25th Annual Needham Growth Conference, scheduled from January 10 to January 12, 2023, at The Lotte New York Palace, NYC. The Company will host one-on-one meetings with investors and is set to present on January 10 at 4:30 p.m. ET. Attendees can join the presentation here. Playback will be available on the Company's website afterward.

On December 28, 2022, at an extraordinary general meeting, DoubleDown Interactive (NASDAQ: DDI) announced approval to reduce its capital reserve by KRW 330 billion, as per Article 461-2 of the Korean Commercial Code. This decision, supported by shareholders of record as of December 5, 2022, marks a significant move in the company’s financial strategy. DoubleDown Interactive is known for creating engaging digital games on mobile and web platforms, including their popular title, DoubleDown Casino.

DoubleDown Interactive reported Q3 2022 results, showing a 9% revenue decline to $78.8 million from $87.0 million in Q3 2021. Operating costs surged 110% to $124.1 million, primarily due to a $70.25 million settlement charge for the Benson class action. The company recorded a net loss of $24.0 million, compared to a profit of $22.8 million a year earlier. Adjusted EBITDA also decreased to $25.0 million. Despite these challenges, the company maintained its ARPDAU at $0.96 and noted strong cash flow, touting a robust financial position with $130 million in cash and equivalents.

DoubleDown Interactive (NASDAQ: DDI) will conduct a conference call on November 8, 2022, at 5:00 p.m. ET, to discuss its Q3 financial results ending September 30, 2022. The financial results press release will precede the call. This event will include a presentation and a Q&A session. Investors can join via a provided link or through a simultaneous webcast. A replay will be available on the Investor Relations website post-event. DoubleDown is a leading developer of digital social casino games, known for its flagship title, DoubleDown Casino.

DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) held an extraordinary general meeting of shareholders on August 26, 2022, in Seoul, Korea. Shareholders approved the re-election of directors In Keuk Kim, Joseph A. Sigrist, Ki Chul Kim, and Haenam Kim for a new three-year term through August 25, 2025. Additionally, Whanlim Kim was elected as a non-executive independent director. The meeting also saw approval for a capital reserve reduction of KRW 70,000,000,000 according to Korean Commercial Code regulations. The board now consists of three non-executive independent directors.