DoubleDown Interactive has recently issued its financial report for the second quarter of the year.
The software developer and operator DoubleDown Interactive has published its financial analysis covering the second quarter of the year. The main highlight of the paper is a 14% decrease in revenue.
The company is having a tough year so far, as revenue fell from over 93 million dollars to 80.5 million dollars this year. However, that may be explained by the massive hike in operating expenses to almost 130 million dollars, compared to under 72 million dollars the same period last year. Net income also took a downturn, as the corporation lost 34 million dollars, while they made over 18 million last year.
Furthermore, the company’s liquid assets went down as well, as their cash and cash equivalents went from 242 million to 193 million. Adjusted EBITDA went down to a touch over 26 million dollars from last year’s 31 million. Despite that, the adjusted EBITDA margin managed to decline only by 1%, currently sitting at 32.4%.
Lastly, DDI’s earnings per share took a plunge to negative 13 dollars, down from last year’s 8.3 dollars earned.
Despite all of the negativity, the business is looking up, stating that they are pleased with their results amidst substantial global headwinds for the entire industry.