DoubleDown Interactive Q2 revenue beats estimates
Overview
DoubleDown Q2 revenue of $84.8 mln beats analyst expectations, per LSEG data
Adjusted EBITDA for Q2 exceeds estimates, reflecting effective cost management
SuprNation revenue grows 96% yr/yr, driven by new player acquisition
Outlook
DoubleDown sees strong iGaming revenue growth potential
Company aims to leverage WHOW Games acquisition for market expansion
Result Drivers
SOCIAL CASINO REVENUE DECLINE - Revenue from social casino/free-to-play games fell 14% yr/yr, impacting overall revenue
SUPRNATION GROWTH - SuprNation revenue surged 96% yr/yr due to strategic focus on new player acquisition
OPERATING EXPENSES - Increased expenses linked to SuprNation, offset by reduced R&D costs
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $84.80 mln | $83.10 mln (5 Analysts) |
Q2 Adjusted EBITDA | Beat | $33.50 mln | $31 mln (5 Analysts) |
Q2 Adjusted EBITDA Margin |
| 39.5% |
|
Q2 Pretax Profit |
| $30.60 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the casinos & gaming peer group is "buy"
Wall Street's median 12-month price target for DoubleDown Interactive Co Ltd is $20.00, about 52.5% above its August 11 closing price of $9.50
The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 4 three months ago
Press Release: ID:nGNXpRsRj
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