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

DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) held its annual general meeting on March 29, 2023, in Seoul, Korea. Key resolutions included the approval of the 15th financial statements for FY 2022 and the amendment to the business purposes in the Articles of Incorporation. Shareholders rejected a proposal for a $50 million cash dividend. Additionally, Yanghoon Cho and Jaesung Chung were re-elected as independent directors for a three-year term. The remuneration limit for independent directors and executive officers was set at KRW 5 billion for FY 2023. Samil PricewaterhouseCoopers was ratified as the independent accounting firm for 2023-2025.

DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) announced the engagement of Samil PricewaterhouseCoopers (PwC) as its independent registered public accounting firm for the fiscal year ending December 31, 2023. This change follows a mandatory requirement due to the auditing rules applicable to its controlling shareholder, DoubleU Games Co., Ltd. (DUG), which has also appointed PwC as its auditor. The transition from Ernst & Young LLP (EY) will be finalized after EY completes its audit of DoubleDown's 2022 financial statements. DoubleDown specializes in digital gaming, offering interactive casino experiences globally.

DoubleDown Interactive Co., Ltd. (NASDAQ: DDI), a prominent gaming company, reported its financial results for Q4 and full-year 2022. Q4 revenues fell 12% to $76.2 million, primarily due to post-pandemic normalization and economic concerns. Operating costs surged 413% to $321.4 million, driven by a $269.9 million non-cash goodwill impairment. The company recorded a Q4 net loss of $194.4 million, or $78.47 per common share, compared to a net income of $17.4 million in Q4 2021. For full-year 2022, revenues decreased to $321.0 million, down 12%, with a net loss of $234.0 million. Despite challenges, the company maintains strong cash reserves of over $150 million and continues plans for expansion, including an acquisition of SuprNation.

DoubleDown Interactive (NASDAQ: DDI) announced a conference call on February 7, 2023, at 5:00 p.m. ET to discuss its financial results for Q4 and the full year ending December 31, 2022. A press release with detailed financials will precede the call. This session will include a presentation and a Q&A period, allowing participants to gain insights into the company’s performance. Access details for the call and a simultaneous webcast are available on the official website. A replay will be accessible post-event for those unable to attend.

DoubleDown Interactive (NASDAQ: DDI) announced an acquisition agreement for SuprNation AB, a European i-Gaming company, for approximately $35 million. SuprNation, which had an estimated $18.3 million in revenue for the nine months ending September 30, 2022, operates in regulated markets like Sweden and Great Britain. The acquisition aims to enhance DoubleDown's presence in the European market, leveraging synergies in marketing and technology. The deal is expected to close in Q2 2023, subject to regulatory approvals and other closing conditions.

DoubleDown Interactive (NASDAQ: DDI) announced its participation in the 25th Annual Needham Growth Conference, scheduled from January 10 to January 12, 2023, at The Lotte New York Palace, NYC. The Company will host one-on-one meetings with investors and is set to present on January 10 at 4:30 p.m. ET. Attendees can join the presentation here. Playback will be available on the Company's website afterward.

On December 28, 2022, at an extraordinary general meeting, DoubleDown Interactive (NASDAQ: DDI) announced approval to reduce its capital reserve by KRW 330 billion, as per Article 461-2 of the Korean Commercial Code. This decision, supported by shareholders of record as of December 5, 2022, marks a significant move in the company’s financial strategy. DoubleDown Interactive is known for creating engaging digital games on mobile and web platforms, including their popular title, DoubleDown Casino.