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

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.

International Game Technology (IGT) and DoubleDown Interactive (DDI) announced an agreement to settle the Benson v. DoubleDown Interactive lawsuit, pending court approval. The settlement involves a total payment of $415 million, with IGT's subsidiaries contributing $269.75 million and DDI $145.25 million. As part of the settlement, IGT will incur a $119.75 million non-operating expense in Q3, following a $150 million accrual in Q2. The settlement aims to resolve all related indemnification claims between IGT and DoubleDown.

DoubleDown Interactive (NASDAQ: DDI) reported its Q2 2022 financial results, showing a 14% decrease in revenues to $80.6 million, down from $93.2 million in Q2 2021. Operating costs surged by 71% to $128.6 million, largely due to a $71.5 million non-cash accrual from ongoing legal proceedings. The company faced a net loss of $34.1 million, compared to a net income of $18.4 million in the previous year. Adjusted EBITDA dropped to $26.1 million, with a margin of 32.4%. Despite challenges, management remains optimistic about future growth and strategic M&A opportunities.

DoubleDown Interactive (NASDAQ: DDI) will hold its second quarter earnings conference call on August 9, 2022, at 5:00 p.m. ET. The financial results for the quarter ended June 30, 2022, will be released prior to the call. The event will include a management presentation followed by a Q&A session. Participants can register for the call using a provided link. Additionally, a webcast will be accessible on the company's Investor Relations page. A replay of the call will be available shortly after the event.

DoubleDown Interactive (NASDAQ: DDI) will hold an extraordinary general meeting (EGM) on August 26, 2022, in Seoul to address key resolutions. The Board aims to re-elect current directors In Keuk Kim, Joseph A. Sigrist, Ki Chul Kim, and Haenam Kim for another three-year term and elect Whanlim Kim as a non-executive independent director. Additionally, there will be a vote on capital reserve reduction of KRW 70 billion. Shareholders of record as of August 3, 2022, are entitled to vote, while ADS holders must exchange their shares to participate.

DoubleDown Interactive announced its participation in two significant investor conferences: the 17th Annual Needham Technology & Media Conference from May 16-18, 2022, and the 22nd Annual B. Riley Institutional Investor Conference on May 25-26, 2022. Management will host one-on-one meetings and present on May 16 at 11:45 a.m. ET and on May 26 at 4:40 p.m. ET, respectively. DoubleDown, known for its flagship title DoubleDown Casino, provides an online social casino experience, entertaining millions globally. More details can be found on their website.

On May 10, 2022, DoubleDown Interactive reported a decline in Q1 2022 financial results compared to Q1 2021. Revenues decreased to $85.5 million, down 11.6%. Adjusted EBITDA fell to $26.9 million, reflecting a margin drop to 31.5%. Net income also saw a decrease to $18.5 million, or $7.46 per share. Despite lower revenue, operating expenses declined by 14.4%. The company generated $28 million in net cash from operations, ending the quarter with $268 million in cash. Future plans include enhancements to existing titles and exploring M&A opportunities.

DoubleDown Interactive (NASDAQ: DDI) will host a conference call on May 10, 2022, at 5:00 p.m. Eastern Time to discuss its first-quarter results for the period ended March 31, 2022. The financial results will be released prior to this call, which will include a presentation followed by a Q&A session. Interested parties can join via U.S. dial-in number 1-888-705-0418 or international number 1-929-517-9007. A replay will be available after 8:00 p.m. Eastern Time on the same day through May 24, 2022.