DoubleDown Cash Game Costs Rise, but Profits Grow in Q2
Operating expenses in the second quarter increased by 9.0%, reaching $52 million, attributed by DoubleDown to the operations of SuprNation.
However, revenue growth meant that operating profit increased by 31.6% to $36.2 million. DoubleDown also felt the impact of an additional $6.4 million in income from foreign exchange transactions and interest income. Moreover, the business's adjusted EBITDA grew by 34.1% to $37 million.
This means that pre-tax profits grew by 33.5% to $42.6 million. The company paid $9.4 million in taxes, deducted a net profit of $88,000 from non-controlling interests, and recorded a $2.1 million foreign exchange loss.
This means that the company's net profit for the second quarter was $31.1 million, an increase of 28.5% year-over-year.
DoubleDown's Revenue Grows 15.5% in the First Half of the Year
As for the first half of the year, the transaction with SuprNation meant similar performance. Revenue grew by 15.5% to $176.4 million.
Operating costs rose by 9.2% to $109.1 million, and operating profit increased by 27.0% to $67.2 million. After deducting $13.7 million in other income, pre-tax profits were $81 million, up by 30.0%.
DoubleDown paid $17.4 million in taxes, deducted a profit of $141,000 from non-controlling interests, and mentioned a $5.1 million foreign exchange loss. This means that net profits were $58.5 million, an increase of 25.5%, while adjusted EBITDA grew by 30.0%, reaching $68.9 million.
