While a bumpy fourth quarter caused DoubleDown’s revenue to contract it wasn’t enough to trigger a full-year slump.
All-in-all, the studio has seen out 2021 with 1.4% revenue growth, despite a 5.2% year-on-year decrease for Q4.
DoubleDown’s revenue for the fourth quarter of 2020 was $91m, but this fell to $86.3m for the same period in 2021, which it attributed to the easing of stay-at-home measures.
Likewise, its Adjusted EBITDA experienced a similar slump, decreasing from almost $30m to $25.8m, a 13% drop. Nevertheless, its full year Adjusted EBIDTA remained stable at $120.1m.
And there were some positive results for Q4. DoubleDown’s net income increased to $17.5m, or $7.08 per common share on a fully diluted basis. This represents a 12% increase from Q4 2020’s $15.5m.
Average revenue per daily active user was also up, rising from $0.88 to $0.96, while average monthly revenue per payer increased from $205 to $216. This latter statistic was even more impressive on a full-year basis, increasing from $191 to $218.
“Our 2021 results demonstrate the strength of our business model as we achieved another year of revenue growth, while delivering continued healthy Adjusted EBITDA margins and positive operating cash flow,” said In Keuk Kim, DoubleDown CEO.
“During 2021, we generated over $96m in net cash flows provided by operations and ended the year with a cash and cash equivalents balance of $242m, providing us with a strong financial position.”
