Meanwhile, its operating costs increased to $124.1m, up from $59.2m in Q3 2021 – and its adjusted EBITDA fell to $25m, down from $30.2m in the prior-year period.
The story is much the same when looking at the results for the first nine months of the year so far, with revenue down to $244.9m, compared to $276.9 in 2021. However, its adjusted EBITDA is surprisingly up in the first nine months of 2021, totalling $76.9m for 2022 against $61m in the previous year.
While the EBITDA rise for the year is positive, everything else paints a painful story for DoubleDown, as it has reported the opposite of what it would like in almost every area.
However, despite the obvious concern CEO of DoubleDown Keuk Kim doubled down on his optimism, saying: “DoubleDown generated solid results in the third quarter of 2022 with another quarter of positive free cash flow and adjusted EBITDA margin being above 30%, demonstrating the stickiness of our customer base and long-term engagement by our players.
“Revenue in the third quarter of 2022 was 14% higher than the third quarter of 2019, the most recent comparable period before the Covid-19 pandemic, which we believe validates our success in capturing and retaining growth in our customer base and player spending over the past few years.
“Further, we were able to maintain our ARPDAU and average monthly revenue per payer metrics from the year-ago period, despite global inflationary pressure and recession concerns that have impacted player behaviour, demonstrating the resilience of our business.”
