DoubleDown Interactive Co., Ltd. American Depository Shares - DDI STOCK NEWS

DoubleDown Interactive reported Q3 2022 results, showing a 9% revenue decline to $78.8 million from $87.0 million in Q3 2021. Operating costs surged 110% to $124.1 million, primarily due to a $70.25 million settlement charge for the Benson class action. The company recorded a net loss of $24.0 million, compared to a profit of $22.8 million a year earlier. Adjusted EBITDA also decreased to $25.0 million. Despite these challenges, the company maintained its ARPDAU at $0.96 and noted strong cash flow, touting a robust financial position with $130 million in cash and equivalents.

DoubleDown Interactive (NASDAQ: DDI) will conduct a conference call on November 8, 2022, at 5:00 p.m. ET, to discuss its Q3 financial results ending September 30, 2022. The financial results press release will precede the call. This event will include a presentation and a Q&A session. Investors can join via a provided link or through a simultaneous webcast. A replay will be available on the Investor Relations website post-event. DoubleDown is a leading developer of digital social casino games, known for its flagship title, DoubleDown Casino.

DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) held an extraordinary general meeting of shareholders on August 26, 2022, in Seoul, Korea. Shareholders approved the re-election of directors In Keuk Kim, Joseph A. Sigrist, Ki Chul Kim, and Haenam Kim for a new three-year term through August 25, 2025. Additionally, Whanlim Kim was elected as a non-executive independent director. The meeting also saw approval for a capital reserve reduction of KRW 70,000,000,000 according to Korean Commercial Code regulations. The board now consists of three non-executive independent directors.

International Game Technology (IGT) and DoubleDown Interactive (DDI) announced an agreement to settle the Benson v. DoubleDown Interactive lawsuit, pending court approval. The settlement involves a total payment of $415 million, with IGT's subsidiaries contributing $269.75 million and DDI $145.25 million. As part of the settlement, IGT will incur a $119.75 million non-operating expense in Q3, following a $150 million accrual in Q2. The settlement aims to resolve all related indemnification claims between IGT and DoubleDown.

DoubleDown Interactive (NASDAQ: DDI) reported its Q2 2022 financial results, showing a 14% decrease in revenues to $80.6 million, down from $93.2 million in Q2 2021. Operating costs surged by 71% to $128.6 million, largely due to a $71.5 million non-cash accrual from ongoing legal proceedings. The company faced a net loss of $34.1 million, compared to a net income of $18.4 million in the previous year. Adjusted EBITDA dropped to $26.1 million, with a margin of 32.4%. Despite challenges, management remains optimistic about future growth and strategic M&A opportunities.