DoubleDown experienced a decline in revenue in 2023, citing changes in player behavior and economic conditions as contributing factors. However, the company’s acquisition of SuprNation for $36.5m in November positioned it well for future growth in real-money gaming.
CEO Keuk Kim highlighted the opportunities being pursued in key European markets such as the UK and Sweden following the acquisition. Initiatives to scale the business include increased marketing investment and leveraging existing expertise to grow market share in these regions.
Despite the drop in revenue, DoubleDown managed to reach a net profit in 2023 by reducing operating expenses significantly. The company also reported positive results in Q4, with revenue up 9.1% and a strong focus on capital efficiency reflected in adjusted EBITDA margins and free cash flow generation.
